PNoy's famous name

by Daisy Ku on Tuesday, August 24, 2010 at 11:33am

Philippines' image within the financial circles, has risen with the recent change in administration as Benigno Aquino III (know as PNoy) took office in June. But I suggest a more careful look: Hong Kong people watched in horror as the live TV broadcast unfolded the tragedy... Philippine handled the hostage crisis poorly. Why would they take an hour to break into the bus? And why are so many guns freely available in the Philippines? Are we throwing good money after bad in a country where corruption runs deep through all levels of society?

Philippines went form the second richest country in Asia after the World War II, to one of the poorest as the economy stagnated under the dictatorship of Ferdinand Marcos.A senior monetary official claimed that the economy can attain a growth rate of 7-8% this year vs 0.9% in 2009. The economy has been heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. With more than 1 in 9 Filipinos living outside the country, overseas workers' remittances account for nearly 11% of GDP.

Tourism and business process outsourcing have been identified as areas with the best opportunities for growth for the country. But it is one of the least visited places in south-east Asia, with just 3 million foreign tourists in 2009. China and Hong Kong, which are among the fastest growing sources of tourists for the country, ranked 4th and 6th.

The country's Socioeconomic Planning Secretary Cayetano Pade-ranga Jr. has rightly pointed out, corruption is among the bottlenecks that should be addressed to attain a targeted growth level of above 7% fro 2011 to 2016.

With the portion of the population living below the national poverty line rose from 30% to 33% between 2003 and 2006, if there's anything PNoy can take advantage of his famous name, empowers a caring and generous people, and removes the reputation of the Philippines as corrupt and poor.