Aquino determined to strengthen economic gains – Palace

President Benigno S. Aquino III (Photo by Ryan Lim / Malacanang Photo Bureau)

MANILA – President Benigno Aquino III is determined to strengthen the economic gains boosted by another record-high foreign direct investments (FDIs) set in 2014, Malacanang said on Sunday.

”President Aquino is determined to strengthen the national economy to improve the lives of our poor countrymen through good governance, to improve the ‘macroeconomic fundamentals’ of our country,” Presidential Communications and Operations Office (PCOO) Secretary Herminio Coloma Jr. said.

The Bangko Sentral ng Pilipinas (BSP) reported that the country’s FDIs last year surged to an all-time high of USD6.2 billion, increasing by 65.9 percent from the USD3.7 billion net inflows in 2013.

”Sa larangan ng pangangalakal natin sa ibang bansa, inaasahan ang patuloy na pagbuti ng ating trade balance (When it comes to our country’s trade industry, we expect the continuous improvement of our trade balance),” Coloma said.

He said indications are present that the country will have a trade surplus for the first time in two decades.

”Ito ay dahil sa ipinakitang lakas ng export at ng mababang bayarin ng bansa sa inaangkat na krudo (This is because of our strengthening export and the country’s low expenses in imported crude oil),” Coloma said.

”Dagdag pa dito, bumaba ang ating trade deficit ng 86 percent para sa buwan ng Disyembre 2014 sa USD68 million mula USD485 million noong Disyembre 2013. Sa kabuuan ng 2014, ang trade deficit ng Pilipinas ay bumaba sa USD2.

1 billion, o wala pa sa kalahati ng deficit na USD5.7 billion noong 2013 at USD10 billion noong 2012,” he added.

(In addition to this, the country’s trade deficit also declined by 86% for the month of December 2014 to US $68 million from US $485 million in December 2013. In total, for 2014, the Philippine trade deficit went down to US $2.1 billion, or less than half of the deficit of US $5.7 billion in 2013 and US $10 billion in 2012.)

According to Trade and Industry Secretary Gregory Domingo, although the exports are expected to record low performance in the first quarter of 2015 with the country’s trading partners like Japan and Europe, the Philippine economy will remain strong this year and in the coming years.

”Inaasahan din na makikinabang ang ating ekonomiya sa mababang presyo ng langis ngayon sa pandaigdigang pamilihan. Ayon sa DTI, maaring humigit ng 8 percent ang ating GDP growth rate kung manatili ang presyo ng krudo ng mas mababa pa sa USD 60/barrel,” Coloma said.

(We expect our economy to benefit from the low oil prices in the world market. According to DTI, there could be an increase in our GDP growth rate of over 8% if oil prices go lower than US $60/barrel.)