Aquino economic legacy: ‘Why fix something if it ain’t broke?’

MANILA, Philippines – President Benigno Aquino III expressed confidence that the economic reforms that his administration introduced will endure beyond his term.

In a Philippine Daily Inquirer forum on Tuesday, September 8, the President said the economic reforms will endure because “there is an end-result already that is easily demonstrable.”

“Why fix something if it ain’t broke?” There will be refinements and we welcome that,” he said.

In his last State of the Nation Address in July, Aquino highlighted the economy’s good performance during his term and stressed that his administration is paving the way for the Philippines’ road to a developed status. (READ: Aquino: PH will be ‘first-world’ within generation if reforms continue)

Aquino earlier cited a Social Weather Station (SWS) poll which showed that 8 in 10 Filipinos believe that the country will reach developed nation status within a generation.

He also mentioned a recent study done by polling agency Gallup, stating that the Philippines now ranks second in the world in terms of highest job satisfaction.

The Philippine economy grew 5.6% in the second quarter, fighting a regional slowdown with the help of strong performance of industry and services sectors and robust government spending.

“Perhaps there is a sense of new conditions that will engender different [aspects of the economy]. But at the end of the day, this formula has been shown to be a success and I think you do not tamper with things that are successful,” the President said on Tuesday.

Pool of experts

Asked what he thinks is his administration’s legacy on the economic front, Aquino said it is about changing people’s perception of what they can expect in the Philippines.

“The (people’s) main attitude has changed,” he said.

The President said though that improving the country’s pool of experts is one area that he could have done a better job.

Citing purchasing involved in the Armed Forces of the Philippiines modernization program, Aquino said: “How do we actually know that what we’re getting is what we really need versus what a proponent is suggesting that we need to fulfill our needs?”

Aquino also said that he tasked the Department of Science and Technology (DOST) to start tapping a cadre of experts in different fields.

Citing the failure of the “Telepono sa Barangay” program, Aquino aked, “how many billions did we spend on Telepono sa Barangay that did not result in even a single phone call? Could we not have developed the talent that could have foreseen the growth of cellular communications, for instance? So that’s the dream.”

Aquino also stressed that the upcoming Asia-Pacific Economic Cooperation (APEC) leaders’ meetings in November will only focus on economic issues, particularly in relation with China.

“I’m sure all the other member countries, including the observing countries we will be inviting, will be curious to know what are China’s plans with regards to issues like the stock market, property bubble, the [de]valuation of the yuan,” he said. and so on and so forth.

“It’s an economic conference, so economic issues will be at the forefront,” Aquino stressed. – Rappler.com