PNoy touts achievements, slams Arroyo before APEC finance ministers

MANILA, Philippines - President Benigno Aquino III on Thursday criticized his predecessor while trumpeting the country's achievements under his watch.

During the Asia-Pacific Economic Cooperation Finance Ministers' Meeting in Cebu, Aquino noted that the "patronage and corruption of the past" weakened public institutions.

"Every day, it seemed, we uncovered issues that had festered during my predecessor's term. At that point, many of us could not help but long for the weekend, if only for a temporary respite from the problems bequeathed to us," Aquino said in his speech.

The president told the finance ministers how his administration tried to correct the system.

"We relentlessly pursued all those who had committed wrongdoing, regardless of their wealth or influence; we revamped our budgeting system and exercised fiscal prudence, making sure that taxpayer money is spent prudently, conscientiously, and judiciously on projects and programs that truly benefit our people; we cut red tape and made it easier for investors to bet on the Filipino people," Aquino said.

Aquino also touted the country's achievements in the economic front and in terms of social services.

He cited the administration's conditional cash transfer program that has helped 20 million Filipinos; the 6.2-percent growth rate from 2010 to 2014; and the 22 positive credit rating actions received by the country.

"This, ladies and gentlemen, is the Philippine Story," Aquino said. "I have chosen to share it with you to illustrate that, regardless of the seeming magnitude of the challenge, progress can be achieved sooner rather than later—especially if we work with solidarity, coherence, and integrity."