Pres Aquino urges Filipinos to continue working harder to build greater economic progress for the country

Despite the rosy output and sterling performance shown by the Philippine economy this year marked by "record highs, increase in equities, and outstanding GDP (gross domestic product) growth," President Benigno S. Aquino III called on the Filipino people not to rest on one's laurels and bask in the glory of this global achievement but continue working even harder in order to "build even greater things on top of the foundations we have already laid down."

Speaking at the 20th anniversary of the Philippine Stock Exchange, Incorporated (PSEi) held at the Makati Shangri-la on Monday, the President said that the Philippines has come a long way since he assumed the reins of government two and half years ago.

He said that as of July 2012, the PSEi has recorded 56 record highs (closing at an all-time high of 5,672.70, up by 32.25 points or 0.57%, largely led by property and banking issues) with the average daily turnover pegged at P7.61-billion. This, the President said, coupled with the 7.1 percent GDP growth for the third quarter of 2012, has "surpassed all expectations" and showed that the Philippines has come a long way since then.

"While we certainly have much to be thankful for, I have always believed that every achievement must not only be cause for celebration, but must also motivate us to work even harder. After all, the record highs, increase in equities, and outstanding GDP growth are symbols of the potential we have to create a broader and more dynamic Philippine economy," the President stressed.

He noted that other countries have started to take notice at the remarkable performance of what has been dubbed, the "sick man of Asia" and has begun to show interest at investing here.

"The entire world has begun to train their spotlight on us. Let us prove to them: we are not yet done, we have more to show, and we will build even greater things on top of the foundations we have already laid down. It is up to all of us to harness our potential and steer the economy towards inclusive growth that satisfies the pursuit of profit, promotes equal opportunity, and elevates the standard of living of every Filipino," the President said.

The President lauded the Philippine Stock Exchange for partnering with the government in coming up and implementing various anti-corruption programs "to show prospective and active investors alike that the Philippines is open for business under new management ---management that is putting an end to backroom deals and suspect transactions, so that business, trade, and investment can flourish in an honest and level playing field."

He pointed out that the PSEi has taken the initiative to reciprocate government programs to end graft and corruption such as the Investor Protection and Surveillance Department of the Securities and Exchange Commission to guard against insider trading and other illegal investment schemes and a Capital Market Development Blueprint to improve and expand the Philippine capital market, including proposals to strengthen investor education, through an integration of various programs already offered by the SEC, PSEi and other similar entities, and to improve the equity market by promoting online trading, among others.

These PSEi initiatives include extending trading hours significantly to expand opportunities for the Philippine market and launching the PSEi trade which will open up direct access to our stock exchange; thus speeding up the execution of trades.

The Capital Markets Integrity Corporation, or CMIC, which was incorporated as a wholly owned subsidiary and tasked with monitoring the activities of trading participants; and the PSEi Bell Awards for Corporate Governance, which contributes to the promotion of integrity by recognizing outstanding listed companies and trading participants are two other PSEi-led initiatives "to uphold the integrity of operations in your sector."

"Measures like these are important because investors need to know we are serious about protecting their interests, especially now that confidence in the Philippines is growing by leaps and bounds," the President said.

"In a sense, your efforts mirror the reforms we are undertaking in government. You are demonstrating that good governance is a winning strategy, and that by fostering it in your industry, we are able to level the playing field; we are able to establish an atmosphere where outcomes are predictable, where uncertainty is minimized, and where stability allows business to function smoothly," he added.

"This makes our country a more attractive destination for investments, which creates jobs, empowers consumers, and sustains the virtuous cycle that we are determined to institute—a virtuous cycle whose results we have seen in your achievements," the President said.

Joining the President during the event were Vice President Jejomar Binay, Trade Secretary Gregory Domingo and Finance Secretary Cesar Purisima. (www.pcoo.gov.ph)

Asian Journal