Economic managers trumpet gains in US roadshow
MANILA, Philippines - The government's economic managers are on a week-long non-deal roadshow in key US cities to trumpet recent gains of the country and to highlight the Philippines as a "bright spot" amid economic slowdown elsewhere.
The government officials who accompanied President Aquino during his recent US visit are staying on from June 11 to 15 to update officials of banks, credit rating agencies and investor groups about the country's fiscal and macroeconomic milestones. They will also highlight how the good governance agenda of the Aquino government has benefited the economy.
According to the investor relations agency, the team is led by Finance Secretary Cesar Purisima. The delegation includes Trade Secretary Gregory Domingo, Treasurer Roberto Tan, Bangko Sentral ng Pilipinas (BSP) Assistant Governor Cyd Tuaño-Amador, and BSP’s Investor Relations Office (IRO) Executive Director Claro Fernandez.
Their itinerary includes New York City, Boston, San Francisco and Los Angeles.
Among their "good news" are:
- the better-than-expected 6.4% growth in the first quarter, capping a 53 consecutive quarters of economic growth.
- the 11.4% increase in revenue collections in the first 4 months of 2012, reflecting a growth faster than the GDP in the past 5 quarters, solely due to tax administration measures.
- the P2.9 billion national government’s fiscal deficit in January to April, accounting for only 1% of the P279.1 billion program for 2012.
- foreign exchange reserves of US$76.0 billion as of end-May 2012, reflecting a healthy buffer from external shocks, and are bolstered by sustained growth in dollar remittances and business process outsourcing revenues.
- Remittances grew 5.4% to US$4.84 billion in the first quarter
- up to 7 positive sovereign rating actions (4 positive outlook and 3 rating upgrades) since the Aquino Administration assumed office in end-June 2010
Purusima said he will be "very happy to report to them that things are getting brighter for the Philippines, especially with third party and investors’ recognition.”
Domingo, on the other hand, will cite the "the positive trajectory of the Philippine economy will continue because it is supported by good governance, the centerpiece of President Aquino’s administration.”
According to the IRO, this roadshow has the supported of Citi, Goldman Sachs, JP Morgan and lead coordinator Morgan Stanley.
"At a time of global volatility, we view the Philippines as a bright spot. Investors and commentators have noted the ongoing structural reforms being implemented by President Aquino's administration and the country's economic growth," wrote William H. Strong, Co-CEO of Asia Pacific, Morgan Stanley. - Rappler.com