PSEi may reach 7,000 level in 2013 - Aquino
MANILA, Philippines - President Benigno Aquino cited the stellar performance of the Philippine Stock Exchange index (PSEi) to stress to a crowd of about 500 members of the Filipino-Swiss community in Zurich, Switzerland that the Philippine economy is soaring high.
In a speech in Zurich, Switzerland on January 26, he even joked that he will not be surprised anymore if the country will be included in the Guinness Book of World Records.
“If we further help each other, I won’t be surprised if we make it to the Guinness Book of World Records because of the strong performance of our stock exchange,” said the President, who earlier attended the World Economic Forum in Davos.
He said in jest that when he celebrates his birthday on Feb. 8, the index may have hit 6,500. It may even breach the 7,000 milestone before the end of 2013, he added.
“Before I assumed office, whenever the PSEi hits 4,000, it’s always only a blip and then it would go down. At that time, there was not enough confidence to pass the 4,000-mark. But now, we’re past 6,000. So, I asked market players, ‘What’s next, maybe 7,000?’ I was told, maybe 6,500, and maybe that will happen by my birthday next month,” he said.
Aquino said this as the Philippine Stock Exchange breached the 6,100 point-level for the first time in January 18. The PSEi rose to 6,171.70 points, breaking its record for the 70th time since June 2010. This shows growing investor confidence.
Aquino added that the GDP also soared to 7.1% in the 3rd quarter of 2012, "exceeding even our own projections," he said. The third quarter surge was the fastest in Southeast Asia and the second in Asia, with China leading the pack.
Aquino also said that investors are eyeing the Philippines with interest, a stark contrast from the days when her later mother, then President Corazon Aquino would have to woo foreign investors.
"Ngayon po, tayo ang pinipilahan. Gusto nilang makisakay sa momentum ng pag-angat ng ating ekonomiya, (Now, investors are lining up. They want to ride on the momentum of our economy)" he said.
Aquino was at Davos for the World Economic Forum Meeting, where he urged businessmen from different parts of the world to invest in the Philippines' priority sectors such as tourism, agriculture and infrastructure.
Aquino visited the Filipino community in Zurich as one of his stops in the trip, where he congratulated overseas Filipino workers there for boosting Filipino pride. There are 22,000 Filipinos in Switzerland.
"Nurse man o doktor, hotel worker, o driver, accountant o manager—anumang propesyon, bilib at pinag-kakatiwalaan po ang mga Pilipino dito sa Switzerland, (Nurse or doctor, hotel worker, driver, accountant or manager - whatever their profession may be, Filipinos are trusted in Switzerland)," he said. - Rappler.com