The second Aquino President, the first ever bachelor to occupy the highest political position – indeed Benigno Aquino III has made quite an impression in the face of Philippine Politics. So, in a span of six years, has he really done something for the welfare of the Philippines? Has he attended and fulfilled the tasks and responsibilities of Presidency? Although, his administration is quite known for some failures and shortcomings like the SAF incident, Yolanda Rescue and Relief Operation, etc. let us not take away and forget about his achievements. From 2010 to 2016, here are 10 successful dealings made by the Aquino Administration. Let us look at each one, and see for ourselves the legacy of the one and only PNoy.
6.2 % GDP growth rate
Probably the best achievement of the Aquino Administration is this 6.2% GDP growth rate for the last six years. According to the Philippine Star, this growth rate has been seen as the fastest among other Asian economies. This, according to Socioeconomic Planning Secretary Emmanuel Esguerra, is because of some upward revisions in numbers in electricity; gas and water; public administration and defense; transport storage and communication; financial intermediation; and mining and quarrying. Furthermore, according to Manila Standard, this inclusive growth of 6.2% has been the highest growth rate the Philippines has achieved in the last 40 years. This is a record breaking achievement because the Philippines has no longer been the ‘sick man of asia’. Some economists says that mostly, this growth cannot alone be contributed to the administration itself but also to the previous administration. Some, including the Industrial Policy Program believes that it is actually the Arroyo Administration who made way for this growth to be possible. It is discussed in their piece that Arroyo Administration has laid out the adequate platforms, and it is only the Aquino Administration who acted out on it. Nevertheless, give the credit to whom it is due; Aquino still is the reason for that growth. This growth is attributed mainly to the service sectors (especially in the OFW’s remittances and contribution) and to the booming industrial and manufacturing sectors. Aquino, according to Business Inquirer has done a good job on polishing policies re the welfare of the aforementioned sectors.
OFW remittances have grown from $20 billion in 2010 to almost $30 billion by 2015. BPO earnings have surged and are moving close to the same magnitudes of OFW remittances. Both have strengthened the balance of payments that served to sustain the growth of domestic consumption demand, according to the Philippine Star.