‘Aquino name to boost RP economy’
By David Dizon, abs-cbnNEWS.com
http://www.abs-cbnnews.com/nation/06/21/10/aquino-name-boost-rp-economy
MANILA, Philippines – The iconic Aquino name could prove to be a boon to the Philippine economy as investors and credit institutions look forward to working with a new president that has promised to fight corruption in the next 6 years, outgoing President Gloria Macapagal Arroyo’s former economic adviser said Monday.
In an interview on ANC’s Headstart, Albay Gov. Joey Salceda said the Aquino name elicits high trust for the incoming administration of President-elect Benigno “Noynoy” Aquino III.
“We are back on the radar. The Aquino name is iconic. Immediately, it triggers and elicits a very affirmative image for the country, especially with Cory [Aquino] being a saint of democracy and the dad (Ninoy Aquino) being a martyr for liberal democracy. A Noynoy presidency is positive for the Philippines. The issue now is whether he can optimize that and the most important right now is choosing the right Cabinet,” he said.
Salceda said investments could go up by P632 million, or 8% of the gross domestic product (GDP), once Aquino becomes president. He said foreign groups offering long term concessional loans have opened up to the new administration, while investor firms are planning to upgrade the country’s credit ratings.
Salceda said a UP School of Economics study showed that domestic investment is sensitive to perception of governance. He said this was proven after local investors refused to part with some P3 trillion in net profits during the past 10 years.
“It’s a trust in governance. It is not Noynoy you are voting for but what you feel what will happen to the country if he is president. I expect investment to shoot up to about 8% of GDP, or about P632 million so that’s 632 million jobs being created without him doing anything but just be president,” he said.
He also noted that another advantage of having Aquino as President is that the people would be more willing to pay taxes to a government that they perceive is not corrupt.
“Do you think the people will pay more because they trust the government? Yes,” he said.
Abandoning Gibo
Salceda also revealed that he “followed his heart” when he decided to defect to the Liberal Party (LP) of Aquino instead of sticking with the Lakas-Kampi-Christian Muslim Democrats and its standard-bearer, former Defense Secretary Gilbert “Gibo” Teodoro.
The Albay governor, who was one of President Arroyo’s economic advisors, said he was willing to support Teodoro up until the end of March when he saw that his party mates where half-hearted in supporting Teodoro’s candidacy.
“Hindi sila desididong manalo. Apat na beses ako nagpatawa, ganun pa rin, laging umuuwi balik sa status quo. There was no incremental value-added. We just signed manifestos, and now they say it’s palabra de honor,” he said.
He said that before he made his decision, he did his own research why Teodoro kept getting low ratings in the pre-election surveys. He said he also prayed at the Our Lady of Lourdes Parish Church in Tagaytay for spiritual guidance before arriving at a decision.
“Up until March 24, I still thought there was a chance for Gibo, but when I saw that his survey rating dipped from 8% to 7%, I thought ‘wala na ito.’ So I researched why and found out that the people were standing up and saying, we [investors] are only going to release this money [domestic investments] if the president is Noynoy. So sumama na ako kay Noynoy. Paminsan-minsan kailangang makikinig ka na sa tao mo,” he said.
‘Smoking lounge buddies’
Salceda said he is open to being part of Aquino’s economics team even if he is not assigned a Cabinet post. He said that as fellow congressmen for the past 9 years, he and Aquino became buddies at the House of Representatives smoking lounge.
“I cannot say no to my classmate. We are at the comfort level when I can contribute inputs at bahala na siya,” he said.
“We are smoking lounge buddies. If he stops, I will stop,” he joked.
Salceda said he prefers to stay at a local government position where he would have a more hands-on approach to solving basic needs of his constituents.
Salceda denied that he had a change of heart towards President Arroyo after he decided to back the Aquino campaign. He said an incumbent president with the correct policy has the power and authority to implement programs and projects that will prompt positive development in the lives of ordinary people.
