Philippine retailers cite PNoy's economic legacy

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Posted at Jun 25 2021 06:00 PM

Philippine retailers cite PNoy's economic legacy 1
President Benigno S. Aquino III delivers his speech during the Conference on Sustaining the Gains of the Conditional Cash Transfer (CCT) in the Philippines at the Auditorium of the Asian Development Bank (ADB) Headquarters in Ortigas Center, Mandaluyong City. (January 13, 2016). Joseph Vidal , Malacañang Photo Bureau/File


MANILA - Former President Benigno Aquino III will be remembered for his "good governance" leadership which led to relatively high growth rates during his term, the Philippine Retailers Association (PRA) said on Friday as the group mourned his untimely death.

Aquino died of renal failure as a result of diabetes on June 24. [DIED

"President Aquino’s transparency and good governance restored the confidence of both local & international investors, which made the Philippines one of the fastest growing economies in Asia during his administration," the PRA said. 

In 2010, Aquino, riding on the mantra of "daang matuwid" (righteous path), succeeded President Gloria Macapagal-Arroyo, whose administration was hobbled by the 2004 electoral fraud and corruption allegations. 

The PRA said Aquino was a "staunch supporter" of its programs, including the 17th Asia Pacific Retail Conference and Expo, the biggest retail event in the region, which it hosted in 2015.

"For all these, we in the PRA will always be thankful for his service to the nation and to the Filipino people," the group said.

The economy grew at an average of over 6 percent during Aquino's 6-year stint in office from 2010 to 2016. Gross domestic product growth during his tenure was considered the highest since the 1970s.

Aquino was also in office when the Philippine Stock Exchange Index (PSEi) ascended to 8,000-level in 2015.

Philippine retailers cite PNoy's economic legacy 2
Former President Benigno S. Aquino III joins businessmen at the Philippine Stock Exchange to mark the bourse's ascent to the 8,000-level on April 14, 2015. Photo: PSE

The country's first investment-grade credit rating was awarded by Fitch Ratings in 2013. The rest followed right after. 

Other business groups earlier commended Aquino's pro-people policies.

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