[Acknowledgements]

Good day to everyone!

Today we are witnessing just one of the many signs that our country is indeed recovering from the effects of the pandemic and is ready to move forward to build for the future.

Prior to the pandemic in November 2019, I was personally there with Lufthansa Technik Philippines for the groundbreaking ceremonies for Hangar 1A. While COVID-19 may have temporarily affected the operations of the entire aviation industry, we are happy to note that now, with the anticipated completion of Hangar 1A by the end of this year, and the re-opening of Lufthansa Technik Philippines’ aircraft maintenance, repair, and overhaul (MRO) services, we can say that indeed our country’s aviation industry and its support sector is beginning to bounce back from the effects of the global health crisis.

While much of the world’s aviation industry has been paralyzed by the pandemic, we are proud to note that as we gradually ease the travel restrictions, Lufthansa Technik AG along with MacroAsia Corporation is on its way back to normal operations with expanded capacity to accommodate the servicing needs of an increasing number of aircraft.

We laud Lufthansa Technik’s contribution to employment generation nationwide, noting that Hangar 1A alone would be creating 275 more jobs, and for serving as critical support to the Philippine aviation industry. And beyond that, we thank you for supporting the crucial discussions on the CREATE Law and other vital initiatives related to the pandemic for the business sector.

As you have seen, the Philippines is already displaying signs of recovery. The GDP is up 11.8% in the second quarter of this year; exports year-to-date (YTD) from January to July is up almost 20% or 19.5% or equivalent to USD42.39 billion, significantly higher compared to USD35.4 billion in 2020 and even higher than the pre-pandemic figure of USD40.82 billion in 2019, signaling a recovery in the exports sector. Meanwhile, the latest foreign direct investments (or FDI) YTD from January to June is also up 40.7%, equivalent to USD4.3 billion, again notably much higher than the USD3.05 billion in 2020 and pre-pandemic figures of USD3.6 billion in 2019, indicating again real growth.

However, as we recently saw in the August unemployment figure a few days back, which was back to 8.1% from an improved 6.9% the month before in July, the road to recovery can still have some speed bumps. It’s not a smooth sailing path moving forward.

But we stay the course and do all the economic reforms and recovery programs that we have to do. We move forward and manage risks ahead. Even as we deal with COVID-19, we manage the risks and do not avoid them. That’s why—even as we sustain our momentum—President Rodrigo Roa Duterte has already directed us to boost our all-out support for the business sector to help in its rehabilitation so that all of us, especially the business and aviation sector, can become stronger and more resilient in the post-pandemic future.

Thank you and more power to Lufthansa Technik Philippines! ♦

Date of Release: 6 October 2021