THE Philippines earned plaudits for driving economic growth beyond expectations at the Asia-Pacific Economic Cooperation (APEC) Chief Executive Officers’ Summit in Beijing on Monday while China and Japan held ice-breaking talks after years of animosity.
President Benigno Aquino 3rd told the gathering that his Administration is inclined to remove tariff and non-tariff barriers in a systematic manner that will not disrupt economies, Malacañang spokesman Edwin Lacierda said.
Lacierda said Moody’s Corporation President and Chief Executive Officer Raymond McDaniel Jr. praised President Benigno Aquino 3rd’s economic stewardship that resulted in several ratings upgrades in a short time.
McDaniel, who met with Aquino, concurred with the Philippines’ strong economic outlook despite a slowing global economy, Lacierda said.
Angel Gurria, secretary general of the Organization for Economic Cooperation and Development (OECD), also praised the Philippines’ economic performance.
Gurria told delegates that despite the challenging scenario of global economic uncertainty, Aquino has implemented policies that sustain the country’s competitiveness.
“But what about investment and innovation as a critical variable in
terms of the policies necessary for our competitiveness? Now, I have to say here, President Aquino has done a great job in this score. Actually, it is very impressive. In doing business, the ranking went up just like a rocket. That’s doing very well,” he said.
Speaking during the APEC Chief Executive Officers’ Summit in Beijing, China, Aquino also said the Philippines is willing to introduce new incentives to entice more investments and improve the country’s competitiveness in light of the Association of Southeast Asian Nations (Asean) economic integration next year.
The President said his administration is inclined to remove tariff and non-tariff barriers in a systematic manner that will not disrupt economies.
“At the end of the day, it is a review of all the current regulations, ensuring that there is a logical flow from that which we want to achieve and the means towards achieving that,” he said, stressing that achieving competitiveness means changes in the country’s policies and guidelines.
Aquino said his government aims to “level the playing field” for businesses.
For instance, he said, the Asean will begin integrating next year, and this means relaxing trade barriers.
Each member country, he explained, has varying degrees of advancement and members must try to accommodate each other’s needs and wants to the best degree for collective growth within the Asean, including their dialogue partners.
He underscored the need to review business laws and regulations so that the country could have a new economic direction.
The APEC summit tackles issues such as disaster preparedness and response; developing small, medium and micro enterprises; and advancement of good governance.