PNoy: No cronyism under my watch
MANILA, Philippines - Halfway into his term, President Aquino has reiterated his promise that there will be no crony capitalists under his watch.
“The government – and the Filipino people – is fully committed to fostering a level playing field. We are doing this because it is one of the most critical pathways to economic growth,” the President told delegates during the recent 8th East Asia Conference on Competition Law and Policy.
The President stressed that competition is vital to the growth of any nation, the world economy and “even to the technological breakthroughs that have, time and again, pushed human civilization into its next great age.”
He said his administration would not allow monopolies to be granted to certain companies or families, as the late dictator Ferdinand Marcos did.
“We saw the dictator basically grab and distribute control of entire industries. We saw legal restrictions to competitions passed for no other reason than patronage, done under the guise of causes such as nationalism,” Aquino said.
He vowed to nurture every Filipino’s talents, including that of local industries to retain their global competitiveness, and at the same time continue to level the domestic economic playing field.
As a student of economics, the President said he is aware that monopolies are “incredibly inefficient” and kills innovation because there is zero impetus to improve a product or service.
“It guarantees against a level playing field, where competition can bring out the best in companies and people… The lack of a healthy competitive landscape is simply untenable and could spell any democratic country’s doom,” he said.