Press Release
January 29, 2010


Sen. Loren Legarda, NP-NPC vice presidential candidate, said yesterday "it is the job of the next government to revive the economy which has been described as "Asia's Laggard".

Loren was referring to the article in the February 1 issue of the international US magazine, Newsweek, titled "Asia's Laggard," which said, "The world has been passing the Philippines by, literally."

According to the article by Ruchir Sharma, "After growing at an average pace of 6 percent in the 1950s and 1960s, the Philippines missed out on successive waves of investment-led booms in the region due to constant political instability and failure to liberalize the economy."

Newsweek cited the failure of the government to operate the new Ninoy Aquino International Airport terminal III as an example of government incompetence due to in-fighting.

Loren said that the next administration must finally open and operate the new international airport in order to attract more tourists and investments to the country.

Loren lamented that whenever there is talk of impressive economic growth in Asia, the Philippines is not included because it has stagnated economically, making the Filipino poorer per capita as economic growth failed to keep pace with population growth.

Loren said that the opposition party headed by NP presidential candidate Manny Villar and herself is committed to "reviving our long-stagnant economy by increasing agricultural and industrial productivity, making the economy more competitive, providing more jobs for the people, enhancing the environment, improving education and health."

Loren said that "ending corruption, which is considered a primary factor in our economic failure, is at the top of the priority list of our platform. We shall ensure the rule of law to assure local and foreign investors of security and success in their investments and provide more incentives to hard work and productivity for both the local and export markets."

Loren that the billions of dollars in remittances by Overseas Filipino Workers "should not be wasted in luxury consumption by the rich, or derailed to the private pockets of the corrupt, but should be invested in productive enterprises that would provide employment and more food for the poor."

According to Loren, "the talent, industry and productiveness of our people have been wasted in corruption, unrealistic economic policies and squandered natural and physical resources, like the newly-constructed international airport that lies unused because of legal squabbles and lack of political will on the part of the present administration."

"We will supply that political will to keep our country moving again," stressed Loren.

News Latest News Feed