Palace bullish on economic prospects in 2011

By Delon Porcalla (The Philippine Star) Updated November 29, 2010 

MANILA, Philippines - Following the restoration of investor confidence in the country, Malacañang remains upbeat about next year’s economy, predicting that more investments will be coming in that would generate jobs and reinvigorate the economy.

Deputy presidential spokesperson Abigail Valte sees a rosy picture for 2011, the Chinese year of the rabbit, particularly because this year will be closing with renewed interest in the business community, which for the longest time had complained of massive corruption.

“We are seeing signs that the economy is improving. There are several foreign investments that are coming in that create jobs. We hope that this will continue,” she told radio dzRB. 

President Aquino himself is very optimistic of the prospects of the Philippine economy.

He predicted earlier that gross domestic product is expected to continue its upward trend, borne out of confidence of local and foreign investors, including people in government, better and faster than what has been projected.

“I should expect, even if there is a downturn because of the lack of election spending component (in the third quarter), we expect that we will be maintaining the upward trend of all our GDP figures,” he told Palace reporters in a briefing at Calamba, Laguna.

Mr. Aquino, who was very upbeat with his pet project Public-Private Partnership launch that brought some 600 potential investors, said the improved economy will “perhaps (be) in a faster period of time than what was initially envisioned.”

“This is due to the fact that there is optimism across the board from the workers to the investors to even people in government,” he added.

GDP is the amount of goods and services produced every year in a particular country.

“So this will redound to an active and more fruitful cooperation among all of these sectors and we are hoping we get the same treatment from both the legislature and the judiciary,” theChief Executive told newsmen at the Yazaki-Torres Manufacturing Plant.

Among the positive news developments that he enumerated were the $2.8-billion investments he got from his APEC visit in Japan, the groundbreaking rites for Nestle’s P4.3-billion plant in Tanauan, Batangas and the P2.5-billion plant that Procter & Gamble Co. wants to build.

“Slowly but surely, companies such as yours have contributed to the success story that we want our national experience to be. I am hopeful that you will continue with your operations, and I pray for your further success,” Mr. Aquino told Nestle executives.

“The foundation of a thriving economy is confidence. A week ago, we launched our PPP initiative that attracted domestic and foreign fund managers, bankers, and other potential investors. They sense that the country has turned a corner,” he said.

“That what was impossible yesterday – trusting the government to deal with investors fairly and predictably – is not only possible, but a mutually beneficial opportunity, now,” the President added, assuring businessmen of fair and consistent policy in his administration.

“My whole team is committed toward the creation of a business environment that is rational, transparent, and predictable. And here, we have already had successes. We have reduced the time it takes to register a business name from four (4) hours to fifteen (15) minutes and reduced the information requirements from sixteen (16) to seven (7) fields. This can now be done online,” he said proudly.

The Nestle factory that is located in a 27-hectare property inside the First Philippine Industrial Park is expected to be finished by 2012. It will produce Coffeemate non-dairy creamer and Bear Brand powdered milk.