‘Six years of sustained growth’: Economic agencies, business groups honor Aquino’s legacy

Economic agencies and business groups joined Filipinos in paying tribute to Former President Noynoy Aquino by highlighting the impressive economic growth under his administration.

In a statement on Friday condoling with the late president’s family, the Bangko Sentral ng Pilipinas (BSP) recalled how Aquino “led the nation through six years of sustained growth.”


The economy grew for six straight years under the Aquino administration – peaking at 7.2% in 2013. The Philippines then became the second fastest growing economy in Asia after China.

The BSP also mentioned how the country bagged its first investment grade rating under Aquino’s term: the BB+ rating assigned by Fitch in 2013.

The Finance Department, on the other hand, cited the passage of the Tax Incentives Management and Transparency Act (TIMTA) and Sin Tax Law of 2012 – describing these as having aided in strengthening the Philippine economy prior to the onset of the COVID-19 pandemic.

Records were likewise made in the local bourse during Aquino’s term.

The Philippine Stock Exchange noted how the PSE index closed at 7,796.25 during Aquino’s last day in office compared to the 3,315.26 finish during the first trading day after his inauguration. The PSEi soared 153.2% during his term, it added.

The local stock exchange also recorded the highest net foreign buying and capital raising in its record in 2012, the PSE noted.

“The strong macroeconomic fundamentals served as the ideal backdrop for foreign and domestic investors to raise capital and invest in the Philippine stock market,” PSE president and chief executive officer Ramon Monzon said.

Chan Tayag Southeast Equities also applauded the late president’s reforms, which they said propelled the Philippine economy to greater heights.

“History will judge President Aquino well because he bettered our lives by improving the economy and combining pro-people social policies – modernizing education, expanding cash transfers,” the Makati Business Club said Thursday.

The Management Association of the Philippines (MAP) also praised how Aquino “created an engine for progress” with the reforms he started in public infrastructure, the judiciary, education, healthcare, and social protections.

“In creating his place in history, each leader can only hope he leaves something better than what he found. The Philippines which President Aquino left behind was indeed a better place,” MAP said.

The Employers Confederation of the Philippines celebrated how Aquino was “instrumental in advancing tripartism and prioritizing significant labor and social policy issues.” Among the key labor-related measures passed during his term were the Domestic Workers Act, Philippine Green Jobs Act of 2015, and Strengthening Tripartism Act.

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Meanwhile, the Philippine Chamber of Commerce and Industry (PCCI) highlighted the surge in capital inflows ushered in by Aquino’s term.

“On the back of his high-profile campaign to weed out corruption and the excellent performance of the GDP, the inflow of foreign direct investment (FDIs) steadily improved, rising by 60% when he stepped down from office,” the PCCI said.

Aquino died at age 61 Thursday morning. Pinky Aquino-Abellada said her brother “died peacefully in his sleep” at 6:30 a.m. from renal disease, secondary to diabetes.

/LMT — AdChoiceTV News (Manila)


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