President Benigno Aquino III on Thursday revealed the administration's 'winning strategy' that made the Philippines weather global economic uncertainty, according to a Philippines News Agency (PNA) report.
Speaking at the 34th Philippine Business Conference and Expo the President said, "The growth of our economy this year has been robust, in contrast to the slow growth we continue to see in other parts of the world."
He cited the average growth in the country's GDP (gross domestic product) for 2012 first quarter has exceeded expectations at 6.1%, "which gives us good reason to believe that we will be able to achieve this year’s projected GDP growth of between 5 to 6%."
The President also noted the debt-to-GDP ratio last year was marked at 50.9% which was lower than the 52.4% recorded in 2010. "These are the results of our commitment to balance proactive fiscal management, prudent spending, and reforms to increase competitiveness," he said. Because of these, Aquino said, different organizations have expressed optimism for the country's economic future.
He cited the improved place in the World Economic Forum's 2012-2013 Global Competitiveness Report, which the country got a second consecutive 10-place jump.
Analysts from the business news site Market Watch have also classified the Philippines as a "new tiger," a bright spot in both the Southeast Asian region and the global economy, the PNA report said.
The 2012 Report of Knight Frank and Citi Private Bank has also ranked the country as the 6th fastest growing economy in the world, and was identified as having the second most optimistic community of business leaders in the 2012 Grant Thornton International Business Report.
"These distinctions are proof positive that our shared efforts are bearing fruit," he noted.
Aquino, however, said despite these robust growth, "we are not yet satisfied, because we know we can do even more." He said the government is accelerating infrastructure development in order to fully realize the status of the Philippines as a viable investment destination - from staying on top of the quality of roads and bridges, to rehabilitating and building even more transportation hubs.
All these, the President said, will facilitate the flow of goods, services, and people - filling the needs of businesses and of the tourism industry, which is making great strides with 2.86 million international tourist arrivals as of August 2012.