Noy: We'll work hard to sustain Phl growth

Philstar – 16 hours ago

MANILA, Philippines - The government is prepared to sustain the country’s economic growth which reached a record 7.1 percent in the third quarter, President Aquino told a gathering of his party-mates in Cebu City Friday night.

He said various infrastructure projects are expected to fuel further growth in the months or years ahead even as consumer spending and remittances from overseas Filipino workers are expected to significantly contribute to the growth momentum.

“Now, with the recent strength of our economy, we’re hoping to not only to maintain that but to continue it,” Aquino told Liberal Party members in Mandaue City in Cebu before joining thousands of Catholics in a thanksgiving Mass for the canonization of St. Pedro Calungsod in Cebu City.

He cautioned, however, that there are challenges ahead, including a shaky world economy. “The challenges before us will not be met if there is no unity of purpose,” he added.

Background: Philippine economy grows 7.1% in third quarter

The Philippine economy expanded 7.1 percent in the third quarter, the fastest among Southeast Asian nations and just a bit slower than China’s 7.4 percent.

Officials said household spending, public construction and higher farm output boosted growth. Exports have also improved but trade made up a smaller proportion of the economy than in many other Asian nations. This has ironically cushioned the effects on the local economy of the weak growth in Europe, Japan and the United States.

The President, in his message to LP members and officials, explained the need for unity so that Filipinos can work together in steering the country to sustainable growth.

For the coming elections, he said he has to choose his allies carefully even as he stressed that there would be no “free zone” in Cebu because he would like to ensure that those in his camp know who the real “bosses” are.

“These people who we stand on the stage with, we can guarantee that they will perform and perform in the direction that you would want us to go to,” he said.

“Cebu has the potential and also has the problems... The allies, the friends that I found in Cebu, I will always treasure and definitely, I will stand by all of you,” Aquino said.

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Aquino said that aside from having a level playing field among investors, political support for his administration should also be a factor in assessing whether his government is stable enough until 2016.

“Our group always says that the Filipino people are our bosses. Some others think that when they get into position, they are the boss and everybody else has to follow,” Aquino said.

He said that before his term ends, he wants to travel around the country and be able to squarely tell people: “I left you definitely a better place than what I found you in.”

He said one of the projects approved by the National Economic and Development Authority (NEDA) is the improvement of the Mactan-Cebu International Airport to accommodate 10 million arrivals by 2016.

“We are very confident that by 2016, you will have very close to 10 million arrivals...Now, the problem is Mactan International Airport was not designed to carry that load. So Phase 1 will take care of that new load. This is the terminal and extension of the apron,” Aquino said.

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The President said both Philippine Airlines and Cebu Pacific were refleeting and that “our airlines collectively will be getting somewhere in the neighborhood of 110 new aircraft.”

He said Metro Manila airports alone cannot possibly accommodate the expected surge in tourist arrivals, thus the need to upgrade other airports.

He also said plans are underway for a Bus Rapid Transit System, which will be a cheaper alternative to light rail transit. He said part of the project is the establishment of exclusive roads for buses. A comprehensive program to improve traffic flow in Metro Manila is also being worked out.

The NEDA board approved on Thursday 11 projects worth more than P100 billion, mostly infrastructure.