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Government to pursue institutional reforms for the country’s enduring progress

Manila, Philippines – At the recent 43rd World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, H.E., President Benigno S. Aquino III, vowed to pursue institutional reforms to effect the Philippines’ enduring progress.

The government has solved the program in the National Food Authority which had an outstanding obligation that amounted to P4.4 billion for importing more rice, investing more funds into irrigation, arterial roads, research into higher-yielding varieties, and other technologies. From importing almost two and a half million metric tons of rice in 2010, the government is looking at full rice self-sufficiency and even the possibility of exporting it by the end of this year.

By implementing mechanisms for a transparent bidding process that encouraged competitions among contractors, the Department of Public Works and Highways reported savings of some $300 million at the end of 2012.

Highlighted in the President’s speech in Switzerland was the Philippine Stock Exchange index which broke its record high 70 times during the Aquino administration. The government recorded two consecutive 10-place jumps in the WEF’s annual competitiveness ranking index. The country’s Gross Domestic Product (GDP) grew by 7.1 percent in the third quarter of 2012 and fixed at 6.6 percent for the entire year. After getting upgrade from credit ratings agencies, the government is on the verge of investment grade status.

The Manila Bulletin, led by its Chairman of the Board of Directors Dr. Emilio T. Yap, President and Publisher Atty. Hermogenes P. Pobre, Executive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Dr. Cris J. Icban Jr., Business Editor Loreto D. Cabanes, Officers and Employees, congratulate the government of the Republic of the Philippines headed by H.E., President Benigno S. Aquino III, and Vice President Jejomar C. Binay, the National Economic and Development Authority led by Socio-Economic Planning Secretary Arsenio M. Balisacan, and wish them all the best and success on their unrelenting efforts in pursuing institutional reforms for the country’s enduring progress. CONGRATULATIONS AND MABUHAY!