CEBU, Philippines - While other business players and local politicos were impressed by President Gloria Macapagal Arroyo’s last State of the Nation Address (SONA), some Cebuano businessmen cared less as to what the country’s leader has to say.
Cebu Business Club (CBC) president Dondi Joseph said he had more important things to attend to than listen to the Lady President’s speech.
Likewise, Cebu Investment and Promotions Center (CIPC) executive director Joel Mari Yu said the anticipated SONA did not excite him anymore saying “I did not hear it.”
In her speech, Arroyo assured that the country is remarkably performing well—economically compared to other countries in the region.
“We have a strong economy and a strong fiscal position to withstand global shocks,” assured Arroyo.
According to Arroyo, in 2008 up to the first quarter of 2009 “we stood among only a few economies in Asia-Pacific that did not shrink. Compare this to 2001, when some of my current critics were driven out by people power. Asia was surging but our country was on the brink of bankruptcy.”
Since then, the country’s economy posted uninterrupted growth for 33 quarters; more than doubled its size from $76 billion to $186 billion. The average GDP growth from 2001 to the first quarter of 2009 is the highest in 43 years, she said.
Cebu Chamber of Commerce and Industry (CCCI) president Samuel Chioson said that although the performance of the Arroyo administration is acceptable, “there is still much left to be done in terms of infrastructure, oil prices, cheaper medicines, and others.”
For his part, Philippine Retailers Association (PRA-Cebu) chairman Jonathan Jay P. Aldeguer said that if the figures given by PGMA were accurate, then it is indeed an indication that the Philippines is in better shape than the rest in the region.
As credit standing of the Philippines has upgraded, Aldeguer believes that the country is indeed in stable position.
“Any form of uncertainty will keep foreign investors and locals tentative,” said Aldeguer adding that “but personally, I doubt Cha-Cha will happen in 2010.”
Banker Prudencio Gesta expressed strong conviction to the President’s positive economic pronouncements.
“Yes, I agree based on hard facts about our economy which President Arroyo mentioned during her SONA as compared to many countries worldwide affected by the global financial crisis,” Gesta said.
Gesta, who is the former president of the Cebu Bankers Club (CBC) added that some basic indicators are the stability in high level of confidence in the country’s banking industry.—Ehda M. Dagooc