NEWS
MANILA, NOVEMBER 16, 2011 (STANDARD) The spate of
bad news on the economic front last week should serve as a wake-up call to the
Aquino administration. The Philippine economy has so far weathered the financial
crisis gripping the United States and Europe. But the local economy could soon
hobble if the Aquino administration does not take steps to encourage foreign
investments, improve the business climate, and offset the losses in the export
sector.
The Bangko Sentral reported that foreign investments fell 55 percent in
August as investors continued to shy away from the Philippines, where the
planned infrastructure projects are still to take off more than a year into
President Benigno Aquino III's term. Contributing to the drop in foreign
investments, to $50 million from $111 million a year ago, are the debt crisis in
Europe and the global economic uncertainty.
The foreign economic news channel CNBC on the same day last week rated the
Philippines as the most difficult country in Asia to do business with. CNBC, in
its listing this month of The World's 10 Worst Countries for Business, noted
that the Philippines attracted just 2.5 percent of the $76.5 billion in foreign
direct investment that flowed to the 10 members of the Association of Southeast
Asian Nations in 2010. CNBC based its ranking on the World Bank's Ease of Doing
Business study, which rated the Philippines the fourth worst place in the world
to do business.
"Despite having massive untapped mineral wealth, a key geographical location
between Southeast and North Asia and a large, growing English-speaking
population, the country has fallen behind its neighbors in economic growth.
Foreign businesses are wary of the Philippines' unstable legal system, violence
and bureaucracy," CNBC said.
CNNGo, the travel Web site of CNN, meanwhile, has named the Ninoy Aquino
International Airport the fifth most hated airport in the world.
The drop in exports in September, the fastest pace in 32 months, added to the
slew of unpleasant news and figures that the Aquino government must face
squarely. Taking them in stride, as the current administration is known for,
does not do justice to the high popularity rating of President Aquino. Even that
high popularity rating, just like any economic data, will soon level out.
Chief News Editor: Sol Jose Vanzi
© Copyright, 2011 by PHILIPPINE
HEADLINE NEWS ONLINE
All rights reserved
PHILIPPINE HEADLINE NEWS
ONLINE [PHNO] WEBSITE
[Non-text portions of this message have been removed]
------------------------------------
-------------------------------------------------------------
Follow us on Twitter: http://twitter.com/phnotweet
This is the PHILIPPINE HEADLINE NEWS ONLINE (PHNO) Mailing List.
To stop receiving our news items, please send a blank e-mail addressed to: phno-unsubscribe@yahoogroups.com
Please visit our homepage at: http://www.newsflash.org/
(c) Copyright 2009. All rights reserved.
-------------------------------------------------------------Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/phno/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/phno/join
(Yahoo! ID required)
<*> To change settings via email:
phno-digest@yahoogroups.com
phno-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
phno-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
