Binay makes campaign pitch to business leaders at 41st PBC

MANILA, Philippines - Vice President Jejomar Binay promised yesterday the business community all the good stuff as he makes his bid for presidency before local business leaders.

Speaking at the 41st Philippine Business Conference and Expo, Binay slammed the Aquino administration anew while laying out plans for the private sector once elected president next year.

Binay said he is open to Constitutional revision to do away with policies that restrict entry of foreign investors in some major sectors of the economy.

“The Aquino administration promised much but unfortunately, it delivered very little,” Binay said, referring to the years in office of the current president as a “period of lost opportunities.”

“Five years ago, Aquino unveiled the PPP (public private partnership) program as its centerpiece. This program has now become the epicenter of its failure. Most of the infrastructure projects remain in the drawing boards. This administration will bow out of this office with only one project completed,” he said.

Binay said despite the Philippines’ gross domestic product growth, poverty rate has worsened.

In addition, he said the country’s housing backlog has worsened despite a property boom while smuggling of agriculture products also became rampant.

“It was growth that happened despite the liturgy and incompetence of this administration. The economic growth could have been more robust if the economic management was better,” Binay said.

Binay said there is a need for a change in leadership as well as in structures hindering the rapid development of the Philippines.

Under the “Binay presidency,” the Vice President said a massive infrastructure program would be given primary attention.

“This is key to tapping potentials of the national economy. It will enable companies to operate more efficiently in an open regional market. It will unlock potential for agriculture sector and help bring down excessive food price regime that will create jobs and reduce poverty,” he said.

Binay also laid out all the good things the business sector wanted to hear such as improvements in the country’s telecommunications and transportation infrastructure, increasing and stabilizing of energy supply, and streamlining business permitting processes.

The government official and 2016 presidential candidate has also expressed his support for the reduction of corporate tax rates to make it at par with the rest of the region.

“This by far will serve as the best incentive for investments in our economy,” he said.

“There are more ideas for improving business environment. I hope that you could invite me next year. I can come as President of the Republic of the Philippines,” Binay said to the business leaders.