Businessmen hail President's inaugural speech

Businessmen welcomed the promises made by President Benigno “Noynoy” Aquino III in his inaugural speech yesterday.

Mr. Aquino, sworn in as the country’s 15th president in a crowded inaugural rally, vowed to uphold the legacy of his parents, former Sen. Benigno “Ninoy” Aquino II and former President Corazon Aquino of safeguarding democracy in the country. He also vowed to fight graft and corruption and make the country more conducive and friendly to investors.

“It’s good because he reiterated the promises he made during his campaign,” said Sergio Ortiz-Luis of the Philippines Exporters Confederation, Inc., an umbrella organization of exporter groups.

Ortiz-Luis said it’s a positive sign for businessmen that President Aquino has reiterated his commitment to fight graft and corruption and rid the bureaucracy of red tape.

“We will cut red tape dramatically and implement stable economic policies. We will level the playing field for investors and make government an enabler, not a hindrance, to business,” Aquino said.

Francis Chua, head of the Federation of the Filipino-Chinese Chambers of Commerce and Industry, echoed the same view.

He said that businessmen have long been waiting for the investment climate to improve.

“These things will attract investors,” Chua said.

He also welcomed the new President’s economic team, saying that some names have been “tried and tested” such as Finance Secretary Cesar Purisima and Trade and Industry Secretary Gregory Domingo.

University of the Philippines economics professor Solita Monsod agreed with Mr. Aquino’s choice of Bureau of Internal Revenue (BIR) chief in Kim Henares, who was a former BIR undersecretary.

She said it is important for the new economic team to increase revenues and fix the country’s fragile fiscal position.

Dasmarinas City Rep. Elpidio Barzaga Jr. said the country is not generating enough jobs because there are not enough investors as they are repelled by corruption.

“Rampant corruption is also preventing the Bureau of Internal Revenue and the Bureau of Customs from collecting enough government revenues, which is why are facing a staggering P300-billion budget deficit this year,” he said.

As such, hailed as President’s plans to fight corruption.