Purisima sees tough years ahead for Phl

MANILA, Philippines - Finance Secretary Cesar Purisima said the remaining three years of President Aquino’s term in office would be tough but believes that the Philippines would continue to outperform most of its Southeast Asian peers.

“The next three years of President Aquino’s term will be truly challenging, but they will also give us an opportunity to prove to the rest of our neighbours that the Philippines can be much better,” Purisima said during the induction of the board of trustees of the Philippine Institute of Certified Public Accountants (PICPA).

The government expects the economy to grow by six to seven percent this year and to rise at a faster clip by 2014 (6.5-7.5 percent) given its bigger capacity to produce goods and services.

The Philippines was the fastest-growing economy among Asian countries in the first quarter of the year, posting a growth rate of 7.8 percent, outpacing China’s 7.7 percent. The impressive growth was driven by strong manufacturing and construction sectors as well as improved government and consumer spending.

The Aquino Administration is lobbying for economic reforms aimed at further attracting more foreign direct investors into the country.

According to the United Nations Conference on Trade and Development’s 2013 World Investment Report,  foreign direct investment (FDI) flows to the Philippines grew 54 percent last year from $1.82 billion in 2011.    

Meanwhile, Purisima was the sole awardee of the Parangal San Mateo Award for 2013, which is the most prestigious honor that the PICPA Foundation bestows on accountants.

The Parangal San Mateo, named for Saint Matthew, the patron of accountants, has only been given to seven other recipients since 2001 -- Corazon dela Paz-Bernardo, Dr. Washington SyCip, Amb. Alfonso T. Yuchengco, Alicia Reyes, Amb. Ramon C. Del Rosario Sr., Alfredo Velayo and Eugenio R. Reyes.

“I never expected to be mentioned in the same breath as these other previous awardees,” Purisima said.