MANILA, Philippines — President Benigno S. Aquino III said the Philippine economy is drawing good reviews and that this was not just a "tsamba” (fluke) but the result of the reforms he has initiated.
Aquino made the pronouncement during the 66th anniversary of the Liberal Party (LP) at the Balay, Expo Centro in Cubao, Quezon City last Friday evening in an apparent response to former President Gloria Macapagal Arroyo's criticism of the way he is handling the economy.
The former leader's paper titled "It's The Economy, Student," which was presented recently, said the combination of lack of planning and preparation coupled with politics of division caused the economy to slow down under the present administration. Aquino was once a student of Mrs. Arroyo at the Ateneo de Manila University.
"Hindi po nadadaan sa tsamba ang ganitong mga tagumpay (These triumphs cannot be achieved by mere luck)," Aquino said in a speech as he cited a study made by HSBC, a British multinational banking and financial services company, wherein the Philippine economy was projected to become the 16th largest in the world by 2050.
The Chief Executive also cited a survey of the Bank of America-Merrill Lynch which showed that the Philippines has become the third most-preferred market in the world for global fund managers after China and Indonesia.
"Kahit maghapon-magdamag po tayong magsulat ng santambak na reaction paper tungkol sa ekonomiya, kung sa bawat liko ay pansariling interes lang din ang iisipin, wala pa ring patutunguhan ang bansa natin (No matter how many tons of reaction paper that you write about the economy if you will just promote your self-interest, the economy will go nowhere)," he said.
The President said the country was off to a good start in 2012 citing the businesses and investments he has inaugurated.
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