Industry

Business Groups Remember Aquino's Contributions to the Economy

Aquino had a good relationship with the private sector during his term.
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In the aftermath of former President Benigno Aquino III’s death, the private sector has offered condolences to his family and gratitude for the late President’s contributions to the economy. Aquino's presidency was significant in growing the economy, earning the title of a “tiger economy” during his administration’s aggressive economic recovery program. An economics graduate from the Ateneo de Manila University, Aquino’s hands-off approach to the private sector encouraged growth and innovation, a fact that the private sector has not forgotten.

"The PSE Board and Management extend their condolences to the Aquino family. The Philippine stock market recorded several milestones during the term of President Aquino as his policies transformed the Philippines from a high credit risk to an investment grade rating country starting in 2013," said a statement from the Philippine Stock Exchange.

In 2013, the Philippines earned its first ever investment grade from Fitch Ratings in 2013, and other ratings followed suit. This proved invaluable to multiple industries as the Philippines became a more sustainable and stable location for investments.

“His administration’s focus on good governance and broad reforms ushered in a continuing period of tremendous growth for the country. His constant promotion of the Philippines was instrumental in gaining the confidence of local and international investors, and the broader community of nations,” said a statement from Ayala Corp.

Meanwhile, the Philippine Chamber of Commerce and Industry president Amb. Benedicto Yujuico praised the president’s macroeconomic achievements.

“The GDP grew from an annual average of 4.5 percent before his term to 6.2 percent during his six-year reign. The GDP growth peaked at 7.2 percent in 2013 when the country was the second fastest growing economy in Asia after China,” said Yujuico.

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The Manila Business Club, which was formed in 1981 to oppose Marcos-era crony capitalism, has also released a statement.

“History will judge President Aquino well because he bettered our lives by improving the economy and combining pro-people social policies—modernizing education, expanding cash transfers. He formed a relatively clean government that meant taxes went to public services and infrastructure, while foreign and local businesses were excited to make job-creating investments,” said MBC.

Benigno Aquino III passed away in his sleep on June 24, 2021, after battling renal disease and diabetes. He is survived by his four sisters.

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Anri Ichimura
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