PNoy: Big foreign bank wants to globalize peso

MANILA, Philippines - The Philippine peso as a global currency like the US dollar?

President Benigno Aquino III said a huge bank catering to the entire world suggested to him the idea of globalizing the Philippine peso.

"Ibig sabihin po noon magiging currency na parang dolyar na itinetrade ng ibang bansa," Aquino said in his speech during a meeting with the Filipino community in Paris, France.

"Hindi naman po ako napa-wow. Napataas lang po ang kilay at napaisip, aba, ang bigat ng minumungkahi nito," Aquino added without identifying the bank.

Aquino said he never expected to hear such idea. He said he has talked to Finance Secretary Cesar Purisima regarding the proposal since it needs to be studied.

The President said the suggestion of the foreign bank shows the international community's renewed trust and confidence in the Philippines and its economy.

"Ganoon kaganda na o kabango ang Pilipinas na meron nang maglalagay ng kanilang puhunan sa ating salapi dahil may tiwala sa atin, may katatagan 'yung ating ekonomiya, 'yung ating bansa, 'yung ating pananalapi," Aquino said.

Aquino's two-day visit in France is the third stop of his four-nation European tour. He went to Spain and Belgium earlier in the week where he talked to high-ranking officials  including those from the European Union.

In his speeches during these trips, Aquino trumpeted the country's economic gains due to his reforms for good governance.

Aquino met with French President Francois Hollande at Elysee Palace and said that the Philippines is now more open for business.

With an economic growth of 7.2 percent, Aquino said the Philippines was one of the fastest growing economies in Asia in 2013.

He said the Philippine economy is expected to grow between 6.5 to 7.5 percent this year, and 7 to 8 percent in 2015.

"The Philippines is determined to capitalize on the significant gains we have made in just four years—from the resurgence of our economy, to the restoration of trust and confidence from businesses, as well as the empowerment of our people and workforce. We believe France can contribute even more as we tread the straight and righteous path to greater progress," Aquino said after his meeting with Hollande.

Aquino will hold bilateral talks and meetings with leading French businessmen, heads of major French companies and Prime Minister Manuel Valls.

The President will also deliver a policy speech at a forum organized by the French Institute for International Relations.