Aquino III becomes Philippine president

New Philippine President Benigno Aquino has vowed at his inauguration ceremony that his government will execute stable economic and investor-friendly policies.

Aquino said Wednesday that his administration will put in place an emergency employment program to create jobs through public works, the Wall Street Journal reported.

“We will cut red tape dramatically and implement stable economic policies,” Aquino said in his 21-minute speech. “We will level the playing field for investors and make government an enabler, not a hindrance to business.”

Aquino has also pledged to stop militant activities and to revise the judicial system.

He won election in a landslide victory in May’s presidential vote.

Benigno Aquino III is the son of the late Corazon Aquino, who led the Philippines from dictatorship to democracy and served as president from 1986 to 1992, and democracy activist Benigno Aquino, Jr., who was assassinated in 1983.