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Philippines Praised for Good Economic Performance

An international container port operator has expressed to President Benigno S. Aquino III his company’s bullishness on the Philippines due largely to the good economic performance of the country, brought about by the clear cut governmental reforms despite the global downtrend affecting bigger economies.

Enrique Razon, Jr., chairman and president of the International Container Terminal Service, Incorporated (ICTSI), also told President Aquino that ICTSI remains upbeat on the Philippines despite the company’s large-scale and full blown expansion activities overseas.

“Amid the global financial crisis, the Philippines continued to grow in a period of economic contraction across the globe,” Razon, Jr. said in his message welcoming the President and his delegation to the inauguration of ICTSI’s Berth 6, a $ 200-million expansion project of the container port’s facilities in Manila on Thursday.

He added that the 6.4-percent growth rate the Philippines achieved in the first quarter of 2012 surpassed that of most Asian countries.

He said that ICTSI welcomed this positive development as it concretely defined that the country was attracting more foreign investments, and international trade was improving as evidenced by the increased volume of container traffic in the Manila International Container Terminal (MICT).

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