‘WEF hosting shows global community’s positive perceptions for Phl’

MANILA, Philippines - Senators Francis Escudero and Paolo Benigno Aquino IV, who were named Young Global Leaders by the World Economic Forum (WEF), expressed confidence that the Philippines is on the right track to be at par with its neighboring countries in terms of economic growth.

Escudero, named Young Global Leader in 2008, made the statement as participants of the WEF on East Asia arrived yesterday in Manila.

He said “our hosting of the WEF on East Asia is an articulation of the positive perceptions of the international community of the country under the Aquino administration to gather world and business leaders, economic trailblazers indicates confidence and interest in our country’s economic viability.”

He also said the event is a complementary opportunity for the Philippines to engage these leaders in unlocking and linking our potentials, strengths and opportunities to those of our regional neighbors and attract much greater amounts of investments.

“These are some of the necessities for a dynamic economy and for integration into the regional economy, including and especially of the ASEAN region,” he added.

As a Young Global Leader in the legislature, Escudero has sponsored and supported measures aimed at creating more jobs, promoting entrepreneurship, increasing employment and expanding micro-finance programs.

As the current chairman of the Senate committee on finance, Escudero has advanced the agenda of sustained economic growth through meaningful employment and livelihood for the people.

“We have both streamlined the national budget process, but at the same time made it more transparent via line-item budgeting. This is the people’s budget after all,” he said. “But by also doing this, we seek to make it more inclusive, as well as attract more investment both domestic and foreign.”

For the country to be more competitive, Escudero stressed the need to be consistent in its policies.

“Results from these will not happen instantly, but I believe the positive effects will come in time, even beyond this administration,” he said. “We are on track to becoming more competitive, so we have to be consistent and keep our focus, while at the same time doing more in aspects we have yet to become strong in, such as health equity, housing and education.”

For his part, Aquino said the WEF would showcase the Philippines’ outstanding economic growth to the global leaders and businesses.

He also said that the country must take advantage of this opportunity to showcase and promote the economy as one that is ready to compete with its Association of Southeast Asian Nations (ASEAN) neighbors.

“The forum is an ideal stage where we can entice businessmen to pour investments and establish other ventures in the country, aside from promoting our products and services,” he added.

Earlier, the WEF described the Philippine economy as one of the “greatest economic comeback stories in recent years.”

The WEF also predicted that the country would be the strongest performing Southeast Asian economy this year, with gross domestic product (GDP) growth projected to surpass 6.5 percent.

According to Aquino, the country must prepare for the ASEAN economic integration, which would result in even greater competition among member countries.

“When the integration starts, we expect tight competition from other countries for a lion’s share of the ASEAN market composed of 600 million people,” Aquino said.

In a recent speech at the 3rd National Symposium Workshop on Empowering People and Organizations in the Workplace for Excellent Results, Aquino highlighted the important role of micro, small and medium enterprises (MSMEs) in the country’s economy at the start of ASEAN integration.

“As much as there are risks here, there are opportunities there,” Aquino said.

He noted that there is a need to enhance the quality of the country’s products and services in order to increase the businesses’ chances to perform favorably in the free market.

Aquino is the youngest senator of the 16th Congress of the Philippines. In 2003, he became the chairman of the National Youth Commission, the youngest head of a government agency. – With Marvin Sy