Foreign, local investments to grow under Noynoy, ex-Arroyo adviser says

Foreign and domestic investments in the Philippines will increase if Liberal Party (LP) standard bearer Benigno "Noynoy" Aquino III wins in the upcoming elections, President Gloria Macapagal Arroyo's former economic adviser said on Monday. Albay Governor Joey Salceda, who recently defected from ruling party Lakas-Kampi-CMD to the LP, said surveys conducted among foreign and domestic investors show that they trust that Aquino, son of late president Corazon, would handle the economy well if he wins as president. "Marami nang survey ang mga foreign investors saka mga domestic investors na nagsasabi na mas tataas ang kanilang kumpyansa, ang kanilang pag-invest sa Pilipinas, kung isang Aquino muli ang mamumuno at mamamahala ng ekonomiya ng Pilipinas (There have been many surveys among foreign and domestic investors showing that their confidence and investments will increase if an Aquino will once again lead the country and take charge of the economy)," Salceda said at an LP press conference in Cubao, Quezon City. Salceda and Aquino were classmates at the Ateneo de Manila University, where they graduated in 1981. Both are economics graduates and were students of President Gloria Macapagal Arroyo, herself an economics graduate. Because domestic investments are susceptible to governance indicators — as stated in "Institutional Constraints on Philippine Growth," a July 2008 study by economics professor Emmanuel de Dios of the University of the Philippines — an Aquino presidency would have the highest probability of triggering a significant increase from the current investment rate of 15 percent, Salceda said. Private investments in the Philippines will increase incrementally by almost P642 billion in the first 18 months of an Aquino presidency, which could in turn create 642,000 jobs, Salceda predicted. But Aquino should not bank on investors' confidence alone to pump the economy, Salceda said, saying that the LP standard bearer should also place credible commissioners in the Bureau of Internal Revenue and Bureau of Customs to ensure efficient tax collection. "Ang Aquino naman po wala naman pong bahid ang kanilang kasaysayan na di maganda ang paghawak ng pera (Aquinos have no record in history of mismanaging funds)," Salceda said. LP member Camarines Norte Rep. Liwayway Vinzons-Chato, a former BIR chief under the Ramos administration, likewise said the high public trust in Aquino will translate to better tax collection. "A credible leadership is what we're looking for and people will pay their taxes properly, you can be sure of that," Chato said in the same press conference. Salceda vowed to do everything he could to get as many votes for Aquino as possible in Bicol, where he is now LP regional chairman. Other officials from the region who signed a manifesto of support for Aquino and his running mate Senator Mar Roxas were Chato, Sorsogon Rep. Salvador Escudero III, Naga City Mayor Jesse Robredo, and former Albay Governor Fernando Gonzalez who is now running for a congressional seat. - RJAB Jr., GMANews.TV