Chamber lauds Aquino admin for Moody’s rating upgrade-A A +A
Sunday, October 6, 2013
DAVAO City Chamber of Commerce and Industry Inc. (DCCCCII) president Daniel Lim lauded the Aquino administration for the country's rating upgrade of Baa3 from Ba1 by Moody's Investors Service.
"This is a clear acknowledgement of the economic and governance gains of the Philippines under the Aquino administration," said Lim, adding that "the partnership of the government and private sectors has substantially contributed to the rating's positive outlook."
He said the rating upgrade is a result of the government's good governance and sound fiscal management coupled by the private sector's strong commitment to pursue business growth, which have spurred the country's high economic performance.
Lim also underscored the contribution of Mindanao's business players to the nation's overall economic growth, with its 8.2 percent Gross Domestic Product growth for 2012, higher than the country's 6.8 percent for the same period.
“Mindanao continues to thrive on its strength and resilience as an island economy, being the country's premier food source and agri-business producer that accounts for 60 percent of the country's total agricultural exports," he said.
DCCCII was the lead organizer of the recently concluded 22nd Mindanao Business Conference (MinBizCon) held in August this year, which gathered the region's business chambers and convened more than 800 key business players from across Mindanao.
The chamber is also organizing the 15th Davao Trade Expo, an annual event designed to aggressively promote the agribusiness industry of Mindanao.
Slated from October 17 to 19, at the SMX Convention in SM Lanang, this year’s expo will celebrate the crucial role of Mindanao's farmers, considered as the workhorse and backbone of the island-region's agribusiness sector.
Mindanao's export growth last year was 16.7 percent, twice as much as the country's 7.6 percent.
"The business community here in Davao remains bullish on Mindanao's economic potentials. As the national economy stays on the path of strong economic performance, Mindanao will continue to make significant contributions to its continued growth," Lim said.
He added that despite the recent crisis in Zamboanga City, the region is expected to bounce back as evidenced by its capacity to achieve growth.
With a 12.4 percent growth rate in 2012, the Zamboanga Peninsula docked in the highest growth rate among 17 regions in the country.
Published in the Sun.Star Davao newspaper on October 07, 2013.