Cebu Business Leaders SONA: Positive but not brilliant

CEBU, Philippines - Although the Cebu business sector remains steadfast in their support for the Aquino administration in the name of sustaining the economic dynamism of the country, industry leaders expected a more substantial report but were rather dissatisfied by the State of the Nation Address (SONA) of the country's chief executive.

Cebu Business Club (CBC) president Gordon Allan “Dondi” Joseph said that although the SONA was positive, “it was not brilliant.”

“It has been obvious that he has taken and is taking ‘baby steps’ his Presidency. However, baby steps are not enough to bring the Philippines to consistent and outstanding GDP [gross domestic product) growth similar to our neighbors,” Joseph said.

According to Joseph, the business sector hopes that the President ramps up his personal commitment to his Presidency, “so we can deliver more than 4,000 houses a year or 11,000 hectares of irrigated land, for example.”

What the people want, Joseph said is to see cases prosper against corrupt officials at all levels.

“But we need a roadmap, concrete direction and major breakthrough not just baby steps. PNoy needs to evolve quickly as an inspirational leader for the Filipino people. He has no choice. So, he needs to evolve into a complete leader and needs to show concrete progress, such as in education in terms of teachers and lack of classrooms,” Joseph stressed.

Meanwhile, Philippine Retailers Association (PRA-Cebu) chairman Jay P. Aldeguer said            “I think he addressed the most urgent issue which is a deeply rooted culture of corruption. This will take time to eradicate but I believe that no amount of vision, plans, and strategies for our nation will be effective if corruption remains prevalent in our system.”

However, Aldeguer said that Aquino should have given the people a glimpse of his “big picture” plan for the country, “and what steps he was taking towards that direction if only to satisfy our curiosity and impatience to see this country progress.”

In his second SONA, Aquino stressed that business is “still good” in the country, saying the stock market reached seven record highs in the past year. “At one time, we thought that for the PSE [Philippine Stock Exchange] index to reach 4,000 points would be, at best, a fluke. We now routinely exceed this threshold.”

The President further reiterated that the country’s once low credit ratings have now been upgraded by Moody’s, Standard and Poors, Fitch, and Japan Credit Ratings Agency—in recognition of the country’s prudent use of funds and creative financial management.

“These improved credit ratings mean lower interest on our debts. Our innovative fiscal approach has saved taxpayers P23 billion in the first four months of this year. This is enough to cover the 2.3 million conditional cash transfer beneficiaries for the entire year,” said Aquino during the recent SONA.

On the other hand, Mandaue Chamber of Commerce and Industry (MCCI) president Eric N. Mendoza expressed optimism of PNoy’s leadership, as long as the private sector and the civil society will support this administration’s thrust.

However, Mendoza said the public should put more pressure on the administration’s implementation of programs.

“We expect him to be faster in starting priority projects as he had done already. SONA 2011 demonstrates clearly the kind of management in leadership change he wanted in moving forward. He needs our support,” Mendoza said.

Meanwhile, Cebu Chamber of Commerce and Industry (CCCI) president Samuel Chioson said that the business sector is hoping that this administration will be true to its word in finally eradicating corruption.

“We look forward that this administration will seriously get rid of corruption thereby boosting confidence of both foreign and local investments,” Chioson said.