It's not just more fun to invest in the
Philippines, it is also profitable, says President Aquino
(SEOUL, South Korea) President Benigno S. Aquino
III said it's not only more fun in investing in the Philippines but it's also
"profitable."
The President made this statement in his speech
during the luncheon with the Korean business community at the Grand Hyatt Hotel
here.
"The promise of the Philippines as an
investment destinationn goes far beyond linguistic consideratiom. Since my
administration took over in July of 2010 my country has seen a large scale
turnaround in its fortune ---from being called the 'Sick Man of Asia' to being
referred to as the 'New Asian Tiger' or as 'Asia's Bright Spot'," the
President said.
He pointed out that the drastic transformation
is anchored on a simple idea, "the same idea that our people voted for in
the 2010 election --- If we eliminate corruption, we can end poverty."
The President noted that the causality between
good governance and good economics "is presicely what we have taken to
heart and practised these past three years," he said.
"A lot of our ASEAN neighbors continue to
send their students to our universities and research institutes to learn about
agriculture who then grow their own agricultural sectors so much that up to a
few years ago we wound up importing our rice from them," he added.
"We have since refocused our energies into
improving our agriculture sector. Three years into our term we are almost 100
percent rice sufficient. Our farmers now grow enough rice to feed the nation
---this after productivity was incentivized, infrastructure was built, and
funds were channeled into endeavors that actually had positive impact instead
of merely benefiting those who had the connections to secure importation
contracts," the President further explained.
"On top of our intensifying battle to clean
up the system and hold erring officials to account," President Aquino said
his government continues to do the day-to-day work of making government work
for everyone.
He also told the businee leaders present that
his administration is reducing red tape and fixing a cumbersome bureaucracy
adding that the government has put up the Philippine Business Registry, a
one-stop-shop for essential documents for businesses.
The President said the whole spectrum of his
governance efforts ---"be it investing in human capital, reforming the
system or going after crooks seeks to empower our citizens so that growth is
not limited to a privilege few but is instead as inclusive as possible, where
everybody will be given the opportunity to improve their lot in life."
According to the President the international
community has taken note of the country's transformation.
"The World Economic Forum for example, has
bumped our country up 26 places in its yearly competitiveness rankings over the
course of three years ---from 85th to 59th," he noted.
In 2015, the President said the Philippines will
enter a demographic sweet spot with the bulk of the Filipino people hitting
working age---a professional, loyal English speaking working force that can
surely contribute to the growth of investors.
"This situation, one that is conducive to
business, will remain for the next 40 years," he stressed.
By 2019, the President said the country will
enter another spot.
"GDP per capita will hit around 6000
dollars. This middle income sweet spot means a more empowered consumer base, as
proven by other countries that hit an inflection point in the buying power of
their citizens," he noted.
The President emphasized that many Koreans know
how blessed the Philippines is with both natural gifts and people who are
friendly, loyal, and a delight to work with.
"Those of you who have not been to the
country can ask the more than one million tourists who visited the Philippines
in 2012, or those who have chosen to stay in the Philippines and build their
lives there. Many of them can probably attest that truly it's more fun in the
Philippines.
He likewise told the business leaders the Korean
companies who found success in the Philippines and can truly say that it's not
just more fun in the Philippines, it is also more profitable. PND (rda)
President Aquino's father, Senator Ninoy Aquino
Jr. honored by Korean Journalists Society and Korean War Correspondents
Association in South Korea
(SEOUL, South Korea) President Benigno S. Aquino
III’s father, Senator Benigno “Ninoy” Aquino Jr., was honored Friday by the
Korea Journalists Society and Korea War Correspondents Association for “his
gallantry and valuable contribution for world peace” as a war correspondent
during the three-year period of the Korean War.
President Aquino personally received the Plaque
of Appreciation on behalf of his father during the wreath-laying ceremony held
at the Hall of Heroes of the War Memorial of Korea in honor of the fallen
Filipino soldiers who fought during the Korean War.
The Plaque of Appreciation is in recognition of
Senator Aquino’s “gallantry and valuable contribution to world peace and
freedom” as a war correspondent of The Manila Times during the Korean War from
1950 to 1953.
The Philippines was a member of the US-led
16-nation coalition that helped the Republic of Korea during the Korean War.
After the wreath-laying ceremony, President
Aquino had a tour of the War Memorial that has six indoor exhibition rooms. The
memorial displays different kinds of weapons and military equipment inside and
outside the building.
Following his visit to the War Memorial,
President Aquino, together with the members of the Philippine delegation,
proceeded to the Grand Hyatt Hotel where he delivered a speech before the
Korean Business Community. PND (rda)
Aquino, President Park witness signing of loan
agreement that benefits Pampanga
President Benigno S. Aquino III and South Korean
President Park Geun-Hye witnessed the signing of an $80.4 million loan
agreement between the Department of Finance and South Korea’s KEXIM Economic
Development and Cooperation Fund (EDCF) during the President’s state visit in
South Korea.
The loan agreement will fund the Integrated
Disaster Risk Reduction and Climate Change Adaptation in low lying areas of
Pampanga Bay project of the Department of Public Works and Highways (DPWH) and
the Department of Education (DepEd). The project aims to mitigate flood damage
and promote disaster risk reduction and adaptation in Pampanga.
The loan agreement is the second to be concluded
for 2013 between the Philippines and South Korean governments, which supports
priority development projects of the Aquino administration.
The project establishes flood control measures
in the Pampanga River and also includes the construction and rehabilitation of
80 flood-prone schools.
The project covers the municipalities of
Macabebe, Masantol, Minalin, and Sto. Tomas. It includes excavation, dredging,
as well as improvement of the Caduang Tete River and Sapang Maragul River.
The DPWH will increase the height of the
embankment of 26 schools, demolish and reconstruct 232 classrooms in 47
flood-prone elementary schools in Pampanga. It will also construct 11 deep well
pumps in 11 schools without secured sources of potable water.
The project, which is expected to be completed
in 2018, will benefit more than 35,000 school children living in the low-lying
Pampanga delta.
The loan agreement, approved by the NEDA board
in March 2012, is payable within 40 years. PND (as)
Aquino, Park witness signing of Memorandum of
Understanding between the two countries in the field of sports
(SEOUL, South Korea) President Aquino and South
Korean President Park Geun-hye witnessed Thursday the signing of a Memorandum
of Understanding between the Philippine Sports Commission, the Ministry of
Culture Sports, and Tourism of the Republic of Korea to strengthen the existing
friendly relations between the two countries and to promote mutual
understanding between their people.
The Memorandum of Understanding also aims to
expand cooperation between the Philippines and Korea in the field of sports on
the basis of equality and mutual benefit.
The Memorandum of Understanding was signed by
Foreign Affairs Secretary Albert del Rosario on behalf of the Philippines and
Minister Yoo Jinryong of Korea's Ministry of Sports, Culture and Tourism at the
Blue House.
This Memorandum or MOU will be carried out
within the framework of the respective laws and regulations of the two
countries.
Under the agreement, both countries will
encourage the exchange of experts, specialists and technicians in the field of
sports, and will likewise endeavor to provide the necessary facilities for
training of athletes of the other country as may be jointly decided.
In the same agreement, there will be an exchange
of sports teams, athletes and sport specialists on the basis of arrangements
between the sports organizations and clubs of the two countries.
Cooperative activities carried out under the MOU
will be subject to the availability of financial and human resources of both
countries.
The agreement also stipulates that any dispute
arising from the interpretation or implementation of the memorandum of
understanding will be settled through consultations between the two countries.
PND (rda)
President Park hosts State Dinner in honor of President
Aquino in South Korea
(SEOUL, South Korea) South Korean President Park
Geun-hye cited President Benigno S. Aquino III for expanding "the fabric
of trust and shared understanding about our journey" toward a new future
for the development of both the Philippines and the Republic of Korea.
"The special bonds that President Aquino
has long had with Korea indeed have helped to bridge our hearts through trust
and confidence," President Park said as she offered a toast during the
State Dinner.
President Park made mention of the President's
late father, former Senator Benigno Aquino, a war correspondent for The Manila
Times during the Korean war.
"Senator Aquino, who in those days had
actually been 17 years of age, reported that he was 18 years old as a war
correspondent who roamed the fields of battle together with some 7,400 Filipino
troops who were sent to Korea. And through his writings that would later become
history, let the world know how the war was unfolding," she said.
"As I see it, that sacrifice and dedication
have been passed down to the new generation paving the way to a precious
meeting today. May the events today mark the beginning of deeper ties of
friendship between our countries and a happier future awaiting both our
peoples," President Park stressed.
Despite the standing state of the global
economy, President Park noted that the Philippines has grown by 6.6 percent
last year and 7.6 percent in the first half of this year.
She added that the "world is carefully
eyeing the Philippines both as a promising investment destination and a trade
partner. Across the whole range of areas, the Philippines and Korea has now
become the partners for prosperity."
During her speech, President Park said that
Filipinos today share similar emotional experiences with their Korean counterparts
through the Korean novela, through K-Pop, through Korean food .
"Over one million Korean tourists traveled
to the Philippines being enchanted not only by the beauties of your nature but
also by the warmth of your people," President Park said.
She introduced Korea's first ever National
Assembly member of multicultural background --- Assemblywoman Jasmine Lee to
the delight of everyone present in the State Dinner.
President Park expressed confidence that
Assemblywoman Lee played a vital role in connecting the Republic of Korea and
the Philippines adding that with her great contribution, she will take our
relationship even further. PND (rda)
President Aquino thanks President Park of Korea
for the warm hospitality accorded him during his state visit
(SEOUL, South Korea) President Benigno S. Aquino
III thanked President Park Geun-hye for the warm hospitality she has given him
and his delegation saying her presidency is itself historic.
During a toast at a State Dinner, the President
said just as his mother was the first Filipina to lead his country, "you
hold the unique privilege of serving and leading your nation as its first
female President."
"It is my hope that you will find the
resilience and strength to guide your people towards a more vibrant future for
Korea," the President said.
He also thanked the people of Korea "for
the welcome they have shown not only to myself but also to almost 50,000
Filipinos who live dignified, productive lives here in your country."
"Just as my countrymen have experienced
your kindness and generosity, I am confident that your countrymen in the
Philippines are experiencing the kind of hospitality and friendship that are
characteristics of the Filipino nation," the President said.
"Madame President, our nations are tied by
the deepest of bonds. In the 1950's, my country was still rising from the
rubble of the 2nd World War. One million Filipinos were lost out of a total
population of twelve million. We are taught that Manila further was the second
only to Warsaw in terms of destruction. And yet, when the call from our Korean
friends came, my countrymen were among the first contingents to answer,"
he said.
The President told the Korean leader how his
father, the late Senator Benigno Aquino Jr. covered the Korean war as a young
journalist, saying how hard the Filipinos and Koreans fought together in
braving the greatest challenges.
"Just as we were partners in the past,
today we remain committed to assisting one another, standing shoulder to
shoulder in working to foster peace, stability and cooperation in our part of
the world," he said.
In closing, the President asked the Korean
leader to a toast for her continued health and good fortune "as you lead
your nation to even greater heights." PND (rda)
President Aquino says his administration is not
looking at reviewing the Constitution to allow foreigners to own land
(SEOUL, South Korea) Benigno S. Aquino III on
Friday maintained that his administration is “not looking at revising the
Constitution” to allow foreigners to own land in the Philippines.
President Aquino made the statement during the
luncheon with the Korean business community held at the Grand Hyatt Hotel in
Seoul with some 200 Korean top level executives.
“Currently, we’re not looking at revising the
Constitution,” he told Korean businessmen, citing China as an example of a
country that does not allow foreigners from owning land and yet performing well
in terms of growth.
“China is considered one of the most consistent
in terms of growth for the past decade, and I understand in China, you are not
allowed to own a land,” the President said.
“So, that doesn’t seem to be a hindrance towards
profitability and growth for any corporation,” President Aquino further said.
The prohibition on foreigners owning land in the
Philippines is embodied in the Philippine Constitution. PND (co)
Relief agencies reach isolated areas, bring food
packs
Malacanang said government agencies and has
reached some isolated areas and brought relief assistance but still working
hard to also bring support to other areas affected by Tuesday’s earthquake.
“Meron na tayo doon sa Inabanga, Bohol,
nakapagpadala na tayo today ng 1,000 food packs. Report din ng isa nating
kasamahang reporter na hindi pa daw nakakaabot ang tulong doon,” Deputy
presidential spokesperson Abigail Valte said in a press briefing on Friday in
Malacanang.
“We are looking at several areas pa rin like
Batasan Island in Tubigon at sa Antequera, meron daw mga pangangailangan pa rin
doon and we’re trying to respond as quickly and as precisely as possible.”
Valte said they are getting reports of isolated
areas and a number of roads that remain impassable. If not impassable, the
Department of Public Works and Highways (DPWH) will inspect those structures to
assess their strength.
The consensus from the coordination meeting
Friday morning was to identify these roads and to identify alternative routes for
rescuers and teams to take, Valte said.
Although the government has been doing airlifts
for food drops to make sure that relief will reach affected communities, Valte
asked the help of the public and the media to provide information of places
that remain isolated.
“If there are any areas that need relief pa rin
or have not been reached by national government, please let us know. We would
appreciate your help in this,” she said.
For instance, in Loon, Bohol, there were reports
about the need for medical evacuation and the coast guard responded immediately
by sending a boat because Loon can be accessed by sea, she said.
As of the moment, government agencies continue
to look for alternate sea routes apart from the Tagbilaran port for the
transport of relief goods. Valte added that national and provincial teams are
trying to work through the obstacles so goods could be sent to disaster areas.
The President, who is currently in South Korea,
gave instructions to Interior and Local Government Secretary MaNuel Roxas,
Social Welfare Secretary Dinky Soliman, and Presidential spokesman Edwin
Lacierda to go to Bohol today.
The Cabinet officials, Valte said, were in Loon
Friday morning and had a coordination meeting with the provincial officials of
Bohol as well as the local officials.
Their goal was to make sure that there is no
duplication in the efforts of the national and provincial government when it
comes to reaching the municipalities that need help. PND (as)
Korean International Trade Association official
cites growing relation between Korea and the Philippines in all fronts
(SEOUL, South Korea) An official of the Korea
International Trade Association (KITA) cited the increasing relations between
the Philippines and South korea which, he said "goes beyond military,
politics and economy reaching a wide spectrum of areas including society,
culture, development and people-to-people exchange."
In his remarks welcoming President Benigno S.
Aquino III during the Luncheon with the Korean Businessmen at the Grand Hyatt
Hotel here, Dr. Han Dick Soo said Korean companies are continuously
diversifying their investments in the Philippines to include not only
manufactured goods such as electronics, textiles, vessels and steel, but also
software for mobile phones and security devices, media contents, cosmetics, and
franchise brands.
"An increase in Korean participation in
infrastructure can also be seen through several ongoing projects. Daelim has
recently secured a contract to build a coal-fired power plant in the
Philippines, Dr. Han said.
He also said that Korea Airport Corporation is
providing consultation for the construction of a new terminal at the
international airport in Manila and Korea's Ministry of Agriculture, Food, and
Rural Affairs successfully completed a corn processing facility as part of its
international cooperation project, as well as Koica is in the process of
installing irrigation systems in local farm lands.
Dr. Han noted that the economic cooperation
between Korea and the Philippines is reaching new heights.
"Since Korea has extensive work in the
infrastructure field through past experiences, I believe we can help contribute
towards the Philippines growth and development," he said
He added that future cooperation with major
Korean manufacturers that already have their presence in the Philippine market,
including Samsung Electronics, can present new opportunities for growth in the
Philippines where the service sector accounts for 56 percent of its GDP and
mining accounts for 33 percent.
Dr. Han likewise cited that the Philippines has
achieved a growth rate of 7.6 percent in the first half of this year despite
the sluggish growth in the East Asian Region.
"Its strength in business outsourcing,
based on a foundation of steady household consumption and economic growth, is
what makes the Philippines the most fast-growing country in East Asia," he
noted.
"Moreover, President Aquino's initiative
for promoting public-private cooperation is serving as a strong engine for the
economy. I have no doubt that the Philippines' robust market and Korea's
success in manufacturing can create sufficient benefits for both our
countries," Dr .Han further said.
He expressed hope that President Aquino's visit
to Korea will be a critical and valuable opportunity for us to strengthen our
cooperation in the coming years. PND (rda)
Aquino expresses interest in exploring Free
Trade Agreement with Republic of Korea
(SEOUL, South Korea) President Benigno S. Aquino
III on Friday expressed interest in exploring a Free Trade Agreement (FTA) with
the Republic of Korea during his meeting with Korean top-level executives here.
President Aquino was asked if the government is
amenable to explore FTA between the Philippines and Korea during a luncheon
with the Korean Business Community held at the Grand Hyatt Hotel in Seoul.
“Definitely, we are very interested in exploring
this, as well as in enjoining other Free Trade Associations,” President Aquino
said.
“We do believe that our growth cannot exist in a
vacuum without our partners,” President Aquino noted. “Hence, it is logical for
us to pursue all of these Free Trade Agreements.”
The President had a luncheon with the Korean
businessmen to promote trade and investment in the Philippines. In his speech,
he told Korean top-level executives to explore investment opportunities in the
country. PND (co)
