FEB.

8, 2013

NR # 3009

Lawmakers commend P-Noys outstanding performance in leading the country Lawmakers have filed a resolution commending President Benigno Aquino III for a good and positive year for the country in terms of economic growth and for improving the lives of Filipinos. In House Resolution 2988, Reps. Rufus Rodriguez (2nd District, Cagayan de Oro City) and Maximo Rodriguez, Jr. (Party-list, Abante Mindanao) said the Presidents outstanding performance in leading the country is due to his leadership and his stand against corruption as well as his daang matuwid initiative. Under the leadership of President Aquino, the country had a 7.1% growth in the economy for the third quarter of 2012 as measured by the gross domestic product (GDP) which is a significant jump from the 3.2% expansion in the same period in 2011, Rodriguez said. Rodriguez said the growth gives the country the fastest economic growth in the Asean region and puts the Philippines on track to surpass the full-year target of 5% to 6% set by the National Economic and Development Authority (NEDA). According to Rodriguez, the countrys gross international reserves (GIR), which is an indicator of a countrys ability to pay its foreign obligations and imports, also hit an alltime high of $84.1 billion as of the end of November, exceeding the $83-billion revised forecast of the Bangko Sentral ng Pilipinas (BSP). Data from the National Statistics Office also showed that exports grew 22.8% in September to $4.78 billion from $3.89 billion a year ago with the BSP noting that exports are expected to pick-up in the coming months as indicated by the big increase in the sectors build-to-book ratio, which indicated that new orders were much higher than before, Rodriguez added. Philippine exports have remained resilient despite concerns of a global economic slowdown, with the cumulative merchandise exports for the first nine months of the year growing 7.2% to $40.07 billion from $37.38 billion in the same period in 2011, Rodriguez said. Rodriguez said as of the end of November, inflation was also at an 8-month low of 2.8 percent, the balanced-of-payments (BOP) surplus topped $2 billion, foreign portfolio inflows breached $1 billion which is the highest level in two years and more than double the previous years $490.35 million, and the peso reached four-year highs of below 41 to a dollar. Rodriguez said that under present administration, the Bureau of Internal Revenue

(BIR) reached a milestone of achieving tax collections exceeding the P1-trillion mark. There was a $1.09 billion in net foreign direct investments (FDI) and the Department of Trade and Industry (DTI) has tallied 25 inbound business delegations from various countries, Rodriguez said. He said the countrys debt rating was raised to the highest level since 2003 by Standard & Poors, to BB+ from BB, which is one step below investment grade with the outlook on the rating being stable. Rodriguez also lauded the other achievements of President Aquino which include the upgrading of the Armed Forces of the Philippines (AFP) which resulted to the acquisition of more ships, helicopters, planes and trucks for the different branches of services; the increase in tourists arrivals which boost the countrys tourism and the increase in agricultural productivity. It is but fitting to bestow the Chief Executive the highest accolades which Congress can give through this resolution, Rodriguez said. (30) lvc