Business sector mourns passing of former President Noynoy Aquino

The Philippine business sector on Thursday mourned the passing of former President Benigno "Noynoy" Aquino III, whose leadership saw the country's best economic performance in decades.

Aquino died on Thursday, June 24, at the age of 61 due to renal disease secondary to diabetes.

Under Aquino's leadership, the Philippines was able to escape the "Sick Man of Asia" title as the economy grew an average of 6.2% in his six-year leadership. Growth was the fastest since the 1970s, although this was flagged as not being inclusive enough.

The local stock barometer broke several record highs under his term and closed 2015—Aquino's last full year as President—at 6,952.08. In comparison, the index closed June 24, 2021 at 6,886.00.

The Management Association of the Philippines (MAP)—which counts over a thousand chief officials of local firms as members— joined the country in mourning.

"In creating his place in history, each leader can only hope he leaves something better than what he found. The Philippines which President Aquino left behind was indeed a better place," it said in a statement released via mobile message.

The MAP noted the economic improvements under the Aquino administration, citing the impressive growth, credit rating upgrades, and increase in foreign direct investments.

The Philippines scored several credit rating upgrades from global debt watchers such as Standard and Poor's Financial Services, Fitch Ratings, and Moody's Investor Service under Aquino's watch.

"Although his administration had its fair share of challenges, the reforms he initiated in public infrastructure, the judiciary, education, health care, and social protections created an engine for progress," it said.

"And he generated a new respect for the country on the world stage. The West Philippine Sea arbitral ruling is evidence of international recognition of our territorial integrity," MAP added.

The Philippines in 2013 challenged China on its basis for its claims on the West Philippine Sea. Manila eventually won the arbitral ruling, but China has refused to acknowledge this.

This was echoed by the Philippine Stock Exchange Inc. (PSE), which also expressed its condolences to the Aquino family.

"The Philippine stock market recorded several milestones during the term of President Aquino as his policies transformed the Philippines from a high credit risk to an investment-grade rating country starting in 2013," it said in a separate statement.

For its part, the Makati Business Club (MBC) took to Twitter to post a photo of Aquino. An earlier post was captioned that the group mourned his passing.

Benigno “Noynoy” Aquino III pic.twitter.com/HPpFwNYsCq

— Makati Business Club (@MBCforum) June 24, 2021

—AOL, GMA News