Business sector cheered loudest in SONA

President Benigno S. Aquino III delivers his sixth and last State of the Nation Address (SONA) during the Joint Session of the 16th Congress at the Session Hall of the House of Representatives Complex in Constitution Hills, Quezon City on Monday (July 27, 2015). Also in photo are House Speaker Feliciano Belmonte, Jr. and Senate President Franklin Drilon.(Photo by Benhur Arcayan/Malacañang Photo Bureau)

MANILA — President Aquino got the loudest cheers from the business sector during the State of the Nation Adress (Sona).

Aquino’s Sona, the last for his term,  heavily  discussed the achievements of his administration.

The president compared the country’s situation with the situation during the past administration.

“This was our situation in the past: To dream was an absurdity. We had a senseless bureaucracy; padded contracts had become the norm; and corruption was endemic to the system. We were known as the “Sick Man of Asia.””

Aquino noted the kind of economic landscape the country has during the past administration.

“The economy was weak; industry was sparse. We failed to gain the confidence of investors. The result: very few jobs were created. We found a people deprived of hope. Many of us had already given up, and were forced to take their chances in other countries. With heads bowed, we had come to accept that we would never be able to rely on our government or our society.”

He then highlighted the achievements he had to improve the investment situation in the country.

“Just this past 2013, for the first time in history, the Philippines was upgraded to investment grade status by Moody’s, Fitch, and Standard and Poor’s—the three major credit ratings agencies in the world.”

“Through their study of our macroeconomic fundamentals and governance, they determined that there was less risk, which led to a vast increase in confidence on the part of investors. Just this May, they upgraded the Philippines yet again.”

“What this means: Because the Philippines is now investment grade, government will be able to borrow funds for programs and projects at lower interest rates, more businesses will be attracted to invest in our country, and Filipinos will be able to feel the benefits of our economic resurgence more quickly.”

Banco de Oro strategist Jonathan Ravelas said in an interview that Aquino’s administration indeed, focused on boosting the country’s economy through his anti-corruption flagship.

“The President’s message was very clear. He emphasized the gains we’ve made in terms of his anticorruption campaign and on the infrastructure front,” he said.

“When you look at his time in office, that’s really been his focus,” he added.