Aquino: PH no longer sick man of Asia

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The President says economic gains under his leadership have removed the 'sick man' tag that the Philippines had long carried around its neck

MANILA, Philippines – President Aquino said on Monday, July 23, economic gains under his leadership have removed the “sick man of Asia” tag that the Philippines carried around its neck for a long time.

In his State of the Nation Address, he said the gains were the result of reforms government implemented such as cutting wasteful spending and holding the corrupt accountable for their actions.

“[We] showed the world that the Philippines is now open for business under new management,” he stressed.

“What was once the sick man of Asia now brims with vitality.”

Aquino cited the following economic gains:

1. Credit rating upgrades. He said the 8 credit rating upgrades that the Philippines received from international agencies during his term are the result of reforms, and not “pure luck.”

2. 44 all-time stock market highs. He said the Philippine Stock Exchange index now hovers near or above the 5,000 mark from only around 3,900 in 2010.

3. 6.4% growth in the first quarter. He said the growth was the fastest in the ASEAN and second-fastest in Asia, next to economic powerhouse China.

4. The Philippines is now a lender, not a borrower. The country has contributed US$1 billion to the International Monetary Fund, funds that will be lent to debt-stricken countries in Europe.

5. Decline in the unemployment rate. The President said unemployment among Filipinos dropped to 6.9% as of April 2012 from 7.2% in 2011 and 8% in 2010. –

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