NEW YORK, New York (Mabuhay) – President Benigno S. Aquino III on Tuesday urged prospective investors here to take advantage of new business opportunities the Philippines is ready to offer in light of its improved economy and especially since it is poised to hit the so called ‘demographic sweet spot’ by next year.
“According to the projections of the United Nations, the majority of our people will reach working age next year, which means that there will be an abundance of talent and creativity in the workforce, ready to spur your businesses to success,” President Aquino told a business roundtable with chief executive officers and other senior officials from the US Chamber of Commerce and the US-ASEAN Business Council here.
“It is indeed my hope that all of you have come here with the determination to build on your success in the Philippines or to explore new avenues in pursuit of the same.”
President Aquino relayed to business executives all the good news about the Philippines recently, including the consecutive upgrades it received from major credit rating agencies, and its improved ranking in the World Economic Forum’s 2013-2014 Global Competitiveness Report.
This is on top of the key industries that continue to grow particularly the Information Technology-Business Process Management, which, according to the President, remains one of the strongest sectors, recording a 6.6-billion dollar increase in revenues from 8.9-billion dollars in 2010, to 15.5-billion dollars in 2013.
“Manufacturing has completely rebounded with growth accelerating from 5.4 percent in 2012 to 10.3 percent in 2013. This is not to mention the other sectors worthy of note, including tourism, agriculture, and infrastructure,” he added.
President Aquino attributed all these positive developments to good governance and better fiscal management his administration consistently practiced the past four years, assuring all potential investors the reforms they have implemented will continue.
“Our commitment to institute good governance and fight corruption has not flagged. We continue to implement reforms in order to ensure a significant return on each peso we spend for government’s programs and projects. Massive investments into social services continue, so that Filipinos are empowered to become active participants in building our economy, and the nation, as well,” he said. (MNS)