P-Noy's Speech at the IBM Think Forum, 12 September 2012

Source: Video from RTVM

Makati Shangri-La, Makati City, | News Release below | Speech (Full text) | http://www.pcoo.gov.ph/speeches2012/s... | Audio | http://www.pcoo.gov.ph/pnoy/pnoyspeec... | Photos | http://www.pcoo.gov.ph/photos-sep2012... | http://www.pcoo.gov.ph/photos-sep2012... | http://www.pcoo.gov.ph/photos-sep2012... | http://www.pcoo.gov.ph/photos-sep2012... | http://www.pcoo.gov.ph/photos-sep2012... |

Aquino says leaders must seize opportunities created by uncertainties in Europe, US

Government and business leaders must be optimistic in dealing with the current global economic condition and shouldn't fear seizing new opportunities created by uncertainties in Europe and in the US, President Benigno S. Aquino III said on Wednesday.

Speaking at the IBM Think Forum in Makati City, the President said the major challenges for world leaders is whether to see the glass half-full or half empty given the dire economic situation in the world. IBM celebrated the 75th year of its presence in the Philippines in July this year.

The President said that at the 20th APEC Leaders' Meeting in Russia last weekend there was grim news about the state of the global economy. Christine Lagarde, the managing director of the International Monetary Fund (IMF) mentioned external pressures and factors that can impede or have already impeded the progress of some global economies.

But that's the bad side, the President said. On the other hand, these factors can also open up new prospects for other countries like the Philippines, he said.

"For example, with instances of capital outflow from more developed, but troubled economies, emerging markets like the Philippines are given the opportunity to make the most of their competitive advantages and become prime locations for investment. We all need to take advantage of opportunities like this," President Aquino said.

"The Philippines is truly on the right path. Everyone—from our countrymen and tourists, to leaders of industry both in the country and beyond its shores, to organizations and other governments—share our optimism. And this has allowed us to succeed: to regain our confidence and make the most of even more opportunities to achieve inclusive growth for all Filipinos," he added.

"In the midst of these uncertainties, leaders must ask themselves how they can spark a virtuous cycle of inspiring others to contribute to tangible change that can be felt by the entire society," he said.

"But in the case of the Philippines, the government is not the catalyst for the change that has swept the country but the Filipino people," the President said, noting that each time he seizes any opportunity he always bears in mind that it must benefit the lives of his countrymen.

Regardless of the sector a leader represents, the chief executive said, each of them is entrusted with the responsibility of leaving their respective organizations in a better state than when they first found them.

The President also highlighted the importance of cooperation between the private and public sectors saying: "I believe that if we continue to support each other, we can do this in our respective fields, and, together, we can give rise to a country that not only rises to meet its potential, but exceeds it regularly."

The Philippines is in a better position at this time as indicated by the World Economic Forum's Global Competitiveness Report for 2012-2013, he noted.

According to the report, the Philippines has jumped another 10 spots to rank 65th out of 144 economies, a 20-place jump in rankings since the Aquino administration took office.The Philippines ranked 85th in 2010.

If everything goes as planned, the President said his administration is on track of achieving between 5.0-6.0-percent GDP growth for 2012. The country's GDP grew by 5.9 percent in the second quarter of 2012. PND (as/3:50pm)

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