EDITORIAL - Staying the course

With President Aquino as witness, the US Millennium Challenge Corp. formally approved the $434-million compact for the Philippines in ceremonies Thursday in New York. Approval of the compact, which gives the country access to more aid from the MCC, was held up during the previous administration by Manila’s failure to meet requirements on fighting corruption.

Public faith in the sincerity of his anti-corruption campaign platform propelled Benigno Aquino III to the presidency in May. The faith is still there, though his anti-corruption campaign was overshadowed by the Aug. 23 hostage crisis. The faith has also been shaken by accusations that some of the President’s trusted aides have become beneficiaries, this early in his term, of jueteng payoffs. Still, general optimism and trust in the President’s sincerity remain high. This positive outlook on his administration must not be squandered.

In New York, the President told a gathering of businessmen that under his watch, the corrupt would be sent behind bars – a message that the audience reportedly found encouraging. The positive reception echoed the optimism expressed by American businessmen in the Philippines. In the ASEAN Business Outlook 2010, 86 percent of the respondents belonging to the American Chamber of Commerce in the Philippines said they expected overall economic expansion, bigger profits and more jobs in the country this year.

The respondents listed only three major concerns, with corruption topping the list, followed by inadequate infrastructure and the tax structure. But concerns about the stability of the government and the political system have eased. If the President stays the course, corruption should also be dropped eventually from the businessmen’s list of major concerns.

Until the hostage crisis and the jueteng scandal, the President was on track in delivering on his main campaign promise, leading by example in doing away with the perks of power, promoting transparency and laying the groundwork for good governance. The President has not yet marked his 100th day in office, and he can still count on a lot of goodwill both in his country and overseas. He must stay focused and maintain his momentum along the tortuous path to reforms.