MANILA, Philippines (Mindanao Examiner / July 9, 2009) – Nine Filipino enterprises were conferred Thursday the first-ever Presidential Awards for Outstanding Micro, Small and Medium Enterprises for their contribution to the country’s economic growth, the Philippine Information Agency said.
It said President Gloria Arroyo conferred the awards to the Roger and Beth Pilinut Candy, J. Emmanuel Pastries, and the Lighthouse Cooperative, all in Luzon. And in the Visayas, the recipients were the Doods Enterprises, Filbake Food Corporation, and the Vicmik Enterprises.
For Mindanao, Arroyo also awarded the Lao Integrated Farm, Manolette Bakeshop and the AMS Employees Fresh Fruits Producer Cooperative.
Arroyo also awarded 26 Presidential Citations for best practices in Micro, Small and Medium Enterprises promotion and development to various best practices nationwide, majority of them local government units which have streamlined their respective business licensing units.
The awarding is part of the week-long activities of the Micro, Small and Medium Enterprise Development Week celebrated every second week of July in pursuance of Republic Act 9501, the Magna Carta for Micro, Small and Medium Enterprises which Arroyo signed in May last year. (Mindanao Examiner)
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Thursday, July 09, 2009
Friday, September 05, 2008
Philippine Consumer Prices Jump
MANILA, Philippines (September 05, 2008) - Philippine consumer prices jumped to a near 17-year high of 12.5 per cent in August from a year earlier, at the high end of the central bank's forecast range of 11.8 to 12.6 per cent, the statistics office said on Friday.
Inflation in July was at 12.3 per cent from a year earlier, revised up from 12.2 per cent. A Reuters poll this week had forecast the August number would come in at 12.5 per cent.
Core inflation, which strips out some volatile food and energy items, reached an annual 7.0 per cent in August compared to 6.3 per cent in July, the National Statistics Office said.
Inflation in July was at 12.3 per cent from a year earlier, revised up from 12.2 per cent. A Reuters poll this week had forecast the August number would come in at 12.5 per cent.
Core inflation, which strips out some volatile food and energy items, reached an annual 7.0 per cent in August compared to 6.3 per cent in July, the National Statistics Office said.
Friday, August 29, 2008
Philippines: Economic Growth At Slowest In Three Years
MANILA, PHILIPPINES (August 29, 2008) - Philippine economic growth in the second quarter slowed to its lowest rate in three years as higher inflation hurt consumption and mining output contracted, the government said.
Gross domestic product in April-June quarter grew 4.6% from the same quarter a year ago. Growth in the first quarter was revised to 4.7% from an earlier 5.2%. GDP growth in the second quarter of 2007 was a much stronger 8.3%.
The "uninspiring growth" in the country's economy was driven the the relatively strong performance of manufacturing, agriculture and construction, the National Statistics and Coordinating Board said in a statement.
But overall economic growth _ the slowest since 4.4% in the first quarter of 2005 _ was clipped by an 18.5% contraction in the mining and quarrying sector, as well as sluggishness in services, the linchpin of the economy with a 49.2% share of total GDP.
"Achieving the full year target will be a tough challenge as we continue to face high food and oil prices," said Socio-economic Planning Secretary Ralph Rector.
But he said tightness of the global economy is somewhat easing and inflation is also expected to taper in the latter months of 2008. Recto said to achieve the growth target of 5.5%, the economy has to grow by 6.4% in the second half of the year.
Services rose 4.3% for the second quarter from 8.4% for the same period last year. That was its lowest rise since the third quarter of 2001.
Agriculture accelerated by 4.9% in the quarter compared to 4.2% last year. Exports rose 7.7% from 4.9% last year.
Strong remittances from overseas workers boosted income from abroad, which went up by 14.1%_ still slower than its 25.3% rise last year, the NSCB said.
Consumer spending growth slackened to 3.4% from 5.6% a year ago due to high prices, while government spending shrank 5.1% from a 11.9% gain last year.
Gross domestic product in April-June quarter grew 4.6% from the same quarter a year ago. Growth in the first quarter was revised to 4.7% from an earlier 5.2%. GDP growth in the second quarter of 2007 was a much stronger 8.3%.
The "uninspiring growth" in the country's economy was driven the the relatively strong performance of manufacturing, agriculture and construction, the National Statistics and Coordinating Board said in a statement.
But overall economic growth _ the slowest since 4.4% in the first quarter of 2005 _ was clipped by an 18.5% contraction in the mining and quarrying sector, as well as sluggishness in services, the linchpin of the economy with a 49.2% share of total GDP.
"Achieving the full year target will be a tough challenge as we continue to face high food and oil prices," said Socio-economic Planning Secretary Ralph Rector.
But he said tightness of the global economy is somewhat easing and inflation is also expected to taper in the latter months of 2008. Recto said to achieve the growth target of 5.5%, the economy has to grow by 6.4% in the second half of the year.
Services rose 4.3% for the second quarter from 8.4% for the same period last year. That was its lowest rise since the third quarter of 2001.
Agriculture accelerated by 4.9% in the quarter compared to 4.2% last year. Exports rose 7.7% from 4.9% last year.
Strong remittances from overseas workers boosted income from abroad, which went up by 14.1%_ still slower than its 25.3% rise last year, the NSCB said.
Consumer spending growth slackened to 3.4% from 5.6% a year ago due to high prices, while government spending shrank 5.1% from a 11.9% gain last year.
Sunday, September 23, 2007
Kano Nagbuhos Ng Proyekto Sa Sulu
Ang mala-paraisong beaches sa lalawigan ng Sulu ay maihahalintulad sa Boracay o mga resorts sa Phuket sa Thailand. Tatlong malalaking proyekto ang ilulunsad ng Estados Unidos sa lalawigan na patuloy sa pagunlad. (Mindanao Examiner Photo Service)
SULU (Mindanao Examiner / 23 Sept) – Tatlong malalaking proyekto ng Estados Unidos ang ilulunsad ngayon sa Sulu bilang pagtugon at suporta sa patuloy na pag-unlad at katahimikan sa lalawigan.
Kabilang sa mga proyekto ay ibat-ibang infrastructure projects, patubig at kuryente. Inaasahang dadaluhan ng matatas na opisyal ng embahada ng Estados Unidos at maging sa embahada ng Britanya.
Isang opisyal ng Alliance for Mindanao Off-Grid Renewable Energy (AMORE) ang nagsabi sa Mindanao Examiner na ang proyekto ay bahagi ng pagtugon ng Estados Unidos, partikular ang United States Agency for Internatinal Development (USAID), sa katahimkan at pag-unlad ng Sulu.
Maganda umano ngayon ang kasiguruhan at pangangalakal sa Sulu kung ihahambing sa mga nakalipas na taon, kung kaya’t nabiyayaan ang lalawigan ng malalakign proyekto.
Natuwa naman si Gov. Sakur Tan at sinabi nito na ang patuloy na pagunlad ng Sulu ay sa kadahilanan ng pakikipagtulungan ng mga ahensya ng pamahalaan at mga bayan dito, gayun rin ang suporta ng mga business groups sa lalawigan at mga nongovernmental organizations at mamamayan at mga Ulama.
“Marami ang nagtatrabaho ngayon para sa ikauunlad ng Sulu at nais naming ipakita sa buong bansa at buong mundo na sa pagkakaisa ay may bagong pag-asa,” ani Tan sa hiwalay na panayam.
Ang USAID ang siyang nasa likod ng AMORE – ito’y 7 taon na proyekto sa pakikipagtulungan sa pamahalaan at Department of Energy sa Autonomous Region in Muslim Mindanao (ARMM). (Mindanao Examiner)
Tuesday, February 27, 2007
Arroyo Cites RP's Strong Fiscal Showing
PRESIDENT GLORIA ARROYO on Tuesday cited the strong fiscal performance of the national government, particularly its strict implementation of programs on improving cash flow and revenue collection, for the lowering of the budget deficit which resulted in the "freeing up" of funds that can be used for priority projects nationwide.
The President extolled the Philippines’ "rosy economic outlook" during a round table discussion in Malacanang with some members of her economic team on "the strong performance of the national government as well as the improvement on operational efficiencies of government corporations and what they mean to the poor."
Among those present were Budget Secretary Rolando Andaya Jr., Presidential Chief of Staff Joey Salceda, Philippine Amusement and Gaming Corporation (PAGCOR) Head Efraim Genuino, and outgoing Government Corporate Counsel and incoming Solicitor General Agnes Devanadera, said a government statement.
"Maraming konkretong hakbang ang ating isinusulong upang makamit natin ang mas magandang estado ng ating ekonomiya ngayon. Kasama na dito ang patuloy na pagliit ng ating budget deficit," the President said at the beginning of the discussion.
According to Andaya, the amount of money the government was supposed to borrow to bridge the country's deficit was halved from P125 billion to roughly P62 billion for 2006 due to the "overachieving" performance of the government on its fiscal reform programs.
He said that because of the lowering of the budget deficit, the government is now able to deliver a strong social payback to the people, among which are:
* An additional P200 billion has been added to the 2007 national budget that will be used to fund priority projects concerning education, health and infrastructure;* P13 billion has been released to the more than 1.2 million government employees in the form of the P1,000 increase in their Cost of Living Allowance (COLA);* Additional teachers and policemen can now be hired; and* The 10 percent salary increase for all government employees will proceed as planned starting July 2007.
Salceda, meanwhile, said that aside from the lowering of the budget deficit, the economy grew by 5.4 percent last year, a record of sorts for the country.
He also said that the country's debt service had decreased considerably and this allowed for more funds to be used for the government's priority projects.
"Our debt service last year was pegged at P864 billion but due to Secretary Andaya's brilliant leadership at DBM and because of the strong overall fiscal performance of the government, it was lowered to just only P601 billion," Salceda said.
Genuino, on the other hand, said that under the leadership of President Gloria Macapagal-Arroyo, PAGCOR's profit had doubled and allowed more "social projects" to benefit more and more Filipinos.
Genuino said that a big chunk of the increasing PAGCOR income is being used to fund social payback projects for the people, including the administration’s "Patubig ni PGMA."
During the discussion, Tess Lumactud, chairperson of Barangay Baseco in Manila, and one of her constituents, Rosalie Cabinan, said the "Patubig ni PGMA" has at least 250 beneficiaries in their area.
Cabinan said that by being assigned as caretaker of the water project in Baseco, she is able to earn enough and send her children to school.
Devanadera, meanwhile, said that under the directive of President Arroyo, she was able to aim for "Zero Backlog" in the delivery of legal services to government corporations which need the services of the office of the Government Corporate Counsel.
Under the Zero Backlog scheme, all requests of corporations for legal opinions and contract reviews are undertaken with dispatch so that the requesting corporations will have no downtime in fulfilling their mandate.
Devanadera said she managed to double her agency's output of providing legal assistance and legal opinions and was able to reach 100 percent accomplishment in 2006.
The President reacted happily on the report of Devanadera, saying this would further help in eliminating red tape in government transactions.
The President has been extolling the strong cash flow and revenue collection of the government's revenue generating agencies due to her administration’s implementation of radical fiscal measures such as the Expanded Value Added Tax (EVAT) Law and the National Attrition Law.
The EVAT Law increases the VAT imposed on goods and services from 10 percent to 12 percent, while the National Attrition Law imposes fines and other penalties on the revenue collection agencies such as the Bureaus of Customs, Internal Revenue and Immigration if they fall short of meeting their specified collection targets.
The President extolled the Philippines’ "rosy economic outlook" during a round table discussion in Malacanang with some members of her economic team on "the strong performance of the national government as well as the improvement on operational efficiencies of government corporations and what they mean to the poor."
Among those present were Budget Secretary Rolando Andaya Jr., Presidential Chief of Staff Joey Salceda, Philippine Amusement and Gaming Corporation (PAGCOR) Head Efraim Genuino, and outgoing Government Corporate Counsel and incoming Solicitor General Agnes Devanadera, said a government statement.
"Maraming konkretong hakbang ang ating isinusulong upang makamit natin ang mas magandang estado ng ating ekonomiya ngayon. Kasama na dito ang patuloy na pagliit ng ating budget deficit," the President said at the beginning of the discussion.
According to Andaya, the amount of money the government was supposed to borrow to bridge the country's deficit was halved from P125 billion to roughly P62 billion for 2006 due to the "overachieving" performance of the government on its fiscal reform programs.
He said that because of the lowering of the budget deficit, the government is now able to deliver a strong social payback to the people, among which are:
* An additional P200 billion has been added to the 2007 national budget that will be used to fund priority projects concerning education, health and infrastructure;* P13 billion has been released to the more than 1.2 million government employees in the form of the P1,000 increase in their Cost of Living Allowance (COLA);* Additional teachers and policemen can now be hired; and* The 10 percent salary increase for all government employees will proceed as planned starting July 2007.
Salceda, meanwhile, said that aside from the lowering of the budget deficit, the economy grew by 5.4 percent last year, a record of sorts for the country.
He also said that the country's debt service had decreased considerably and this allowed for more funds to be used for the government's priority projects.
"Our debt service last year was pegged at P864 billion but due to Secretary Andaya's brilliant leadership at DBM and because of the strong overall fiscal performance of the government, it was lowered to just only P601 billion," Salceda said.
Genuino, on the other hand, said that under the leadership of President Gloria Macapagal-Arroyo, PAGCOR's profit had doubled and allowed more "social projects" to benefit more and more Filipinos.
Genuino said that a big chunk of the increasing PAGCOR income is being used to fund social payback projects for the people, including the administration’s "Patubig ni PGMA."
During the discussion, Tess Lumactud, chairperson of Barangay Baseco in Manila, and one of her constituents, Rosalie Cabinan, said the "Patubig ni PGMA" has at least 250 beneficiaries in their area.
Cabinan said that by being assigned as caretaker of the water project in Baseco, she is able to earn enough and send her children to school.
Devanadera, meanwhile, said that under the directive of President Arroyo, she was able to aim for "Zero Backlog" in the delivery of legal services to government corporations which need the services of the office of the Government Corporate Counsel.
Under the Zero Backlog scheme, all requests of corporations for legal opinions and contract reviews are undertaken with dispatch so that the requesting corporations will have no downtime in fulfilling their mandate.
Devanadera said she managed to double her agency's output of providing legal assistance and legal opinions and was able to reach 100 percent accomplishment in 2006.
The President reacted happily on the report of Devanadera, saying this would further help in eliminating red tape in government transactions.
The President has been extolling the strong cash flow and revenue collection of the government's revenue generating agencies due to her administration’s implementation of radical fiscal measures such as the Expanded Value Added Tax (EVAT) Law and the National Attrition Law.
The EVAT Law increases the VAT imposed on goods and services from 10 percent to 12 percent, while the National Attrition Law imposes fines and other penalties on the revenue collection agencies such as the Bureaus of Customs, Internal Revenue and Immigration if they fall short of meeting their specified collection targets.
Thursday, February 08, 2007
IMF Sees Philippine Economy Growing In 2007
The International Monetary Fund expects the Philippine economy to grow at a faster pace of 5.8 percent this year, reflecting improved investor confidence following fiscal reforms, but it said it was still worried about the huge public debt.
The country's gross domestic product grew 5.4 percent in 2006, below the IMF's forecast of 5.5 percent.
"Public debt remains sensitive to rollover and exchange rate risks and external commercial borrowing requirements, while declining, are still significant," the IMF said.
It urged the government to sustain the reform momentum to maintain market confidence.
"Impressive fiscal reforms in an environment of sustained growth and declining inflation have strengthened market confidence in the Philippines," the Fund said.
The IMF said GDP growth could be stronger over the medium term if more reforms to reduce public debt are done.
"Continued reforms are also necessary to boost investment and growth and accelerate progress in reducing poverty," it said.
A renewed surge in oil prices, a slowdown in the global economy, and a sudden reversal in global risk appetite are the main downside risks to the outlook, it said.
In December the Philippine central bank paid in full the country's $219.7 million in outstanding obligations to the IMF, which triggered Manila's exit from a post-program monitoring arrangement with the Fund at the end of 2006.
The country's gross domestic product grew 5.4 percent in 2006, below the IMF's forecast of 5.5 percent.
"Public debt remains sensitive to rollover and exchange rate risks and external commercial borrowing requirements, while declining, are still significant," the IMF said.
It urged the government to sustain the reform momentum to maintain market confidence.
"Impressive fiscal reforms in an environment of sustained growth and declining inflation have strengthened market confidence in the Philippines," the Fund said.
The IMF said GDP growth could be stronger over the medium term if more reforms to reduce public debt are done.
"Continued reforms are also necessary to boost investment and growth and accelerate progress in reducing poverty," it said.
A renewed surge in oil prices, a slowdown in the global economy, and a sudden reversal in global risk appetite are the main downside risks to the outlook, it said.
In December the Philippine central bank paid in full the country's $219.7 million in outstanding obligations to the IMF, which triggered Manila's exit from a post-program monitoring arrangement with the Fund at the end of 2006.
Thursday, February 01, 2007
RP Economy Remains Robust, Says Arroyo Official
ZAMBOANGA CITY (Mindanao Examiner / 01 Feb) – The Philippine economy is growing at a robust rate with traditional goods, such as garments and agricultural sectors now being overtaken by information and communication technology (ICT) and the electronics industries, a senior Filipino government official said.
Cabinet Secretary Ricardo Saludo said since 2001, the Filipino exports, particularly in IT and services, remain very strong. In January to October 2006, exports grew by 16.4%, while full-year shipments from economic zones were recorded at $36 billion.
He said (IT) services are growing much faster than merchandise exports. By 2007, BPO (Business Process Outsource) exports are expected to exceed by $5 billion, bigger than the agriculture and garments exports combined.
"These new sectors are now the major drivers of the country's economy," he said, noting that the "country will build on its leading position in several key ICT products and ICT-enabled services."
He said the Philippines has become an IT and services-driven economy.
"The country is currently No. 4 in IT-enabled services exports after India, Canada and Ireland. We are also the 4th largest exporter of notebook PCs (personal computers) and DVD-ROMs (Digital Versatile Disc—Read Only Memory), and 5th in disk drives, while exports of semiconductor and BPO services match those of India," he said at a news conference in Zamboanga City.
With the boom in IT-enabled companies, "cyber-services" employment has nearly tripled since 2002 -- from 65,000 to 266,000 hired employees in 2006, he said.
Saludo said the information technology earnings are expected to increase to $11.7 billion in the following years -- almost equaling the current level of OFW (Overseas Filipino Workers) remittances going through the banking system.
Further growth is expected in the Cyber-services Industry. The data is broken down by key sectors. The total workforce forecast is expected to grow to more than 1 million by 2010 almost four times the 2005 level, he said.
Saludo, who was here as guest speaker in a forum sponsored by the Western Mindanao State University, said the country has at least 555 information technology-related companies.
Of these companies, one is located in Northern Luzon; 425 in the so-called Luzon Urban Beltway; 102 in Central Philippines; and 27 in Mindanao.
And the 105 Call Centers, 40 Animation Studios, and 60 BPOs and 50 Medical Transcription companies, are all part of the Global O&O (Off shoring & Outsourcing) Industry. The 300 Software Development companies service both local & Global O&O.
In addition, Saludo noted, the country's economy has been moving remarkably for the last six years.
"The Philippines has moved to a markedly higher growth plane, while inflation has moderated and job creation has surged. The country has the fastest yearly progress in economy, smallest increase in the prices, and the most number of new jobs created in the last 20 years," he said.
“As a result, the number of poor Filipinos has dropped by 5.5 million, based on the poverty incidence of 23% of families by 2006, as estimated by the National Statistical Coordination Board. Self-rated poverty is averaging 57.3%, the lowest since SWS (Social Weather Station) began the SRP survey in 1986."
He said the economy's uptrend is clear from charts showing sustained increase in Growth Domestic Product and Gross National Product since 2001.
"The Philippine economy proved resilient, owing to vital economic reforms and new industry opportunities. The linchpin sector of consumption, services and overseas Filipino workers' remittances continues to deliver, guaranteeing steady growth despite the challenging environment," Saludo explained.
He noted that the country's economic growth had reached on the level of what used to be in 1960's where the Philippine was 2nd in terms of economic ranking in Asia.
"The growth under the administration of President Gloria Macapagal Arroyo is inching its way up towards the level experienced during the terms of former presidents Quirino, Magsaysay and her father Diosdado Macapagal.”
“The current growth upgrade builds on earlier momentum under President Ramos, with growth averaging 5.02% in 1992-96 until the Asian financial crisis the next year stopped the surge," he pointed out.
Quoting World Bank's country manager Joachim von Amsberg, Saludo said that it is possible for the Philippines to takeoff by 2010. He said the World Bank pledged to support the government’s economic reform. "World Bank and the IMF (International Monetary Fund) raised their 2007 growth forecast for the Philippines, expecting the country to do better than the rest of East Asia," he said.
Saludo claimed that local businessmen, together with traders from China, India, Ireland and South Africa were optimistic with the current economic growth performance of the Philippines.
"With increasing investors’ confidence, the prices of stocks and property are back to levels before the 1997 Asian financial crisis. Foreigners are particularly bullish. Net foreign buying of RP stocks jumps 191% to P68.5 in 2006.”
“Net portfolio investment went up to 24% in 2006, after increasing six-fold in 2005. Net foreign direct investment in January-October rose to 75% increase from the same period in 2005," he said.
"There are evident reasons for the resurgent economy of the country like increased exports, increased remittances from Filipinos abroad,increased tourism and the increasing numbers of call centers and other business process outsourcing. And Philippine commerce will strengthen further with the slide in oil prices since July 2006," he said. (Darwin Wee)
Cabinet Secretary Ricardo Saludo said since 2001, the Filipino exports, particularly in IT and services, remain very strong. In January to October 2006, exports grew by 16.4%, while full-year shipments from economic zones were recorded at $36 billion.
He said (IT) services are growing much faster than merchandise exports. By 2007, BPO (Business Process Outsource) exports are expected to exceed by $5 billion, bigger than the agriculture and garments exports combined.
"These new sectors are now the major drivers of the country's economy," he said, noting that the "country will build on its leading position in several key ICT products and ICT-enabled services."
He said the Philippines has become an IT and services-driven economy.
"The country is currently No. 4 in IT-enabled services exports after India, Canada and Ireland. We are also the 4th largest exporter of notebook PCs (personal computers) and DVD-ROMs (Digital Versatile Disc—Read Only Memory), and 5th in disk drives, while exports of semiconductor and BPO services match those of India," he said at a news conference in Zamboanga City.
With the boom in IT-enabled companies, "cyber-services" employment has nearly tripled since 2002 -- from 65,000 to 266,000 hired employees in 2006, he said.
Saludo said the information technology earnings are expected to increase to $11.7 billion in the following years -- almost equaling the current level of OFW (Overseas Filipino Workers) remittances going through the banking system.
Further growth is expected in the Cyber-services Industry. The data is broken down by key sectors. The total workforce forecast is expected to grow to more than 1 million by 2010 almost four times the 2005 level, he said.
Saludo, who was here as guest speaker in a forum sponsored by the Western Mindanao State University, said the country has at least 555 information technology-related companies.
Of these companies, one is located in Northern Luzon; 425 in the so-called Luzon Urban Beltway; 102 in Central Philippines; and 27 in Mindanao.
And the 105 Call Centers, 40 Animation Studios, and 60 BPOs and 50 Medical Transcription companies, are all part of the Global O&O (Off shoring & Outsourcing) Industry. The 300 Software Development companies service both local & Global O&O.
In addition, Saludo noted, the country's economy has been moving remarkably for the last six years.
"The Philippines has moved to a markedly higher growth plane, while inflation has moderated and job creation has surged. The country has the fastest yearly progress in economy, smallest increase in the prices, and the most number of new jobs created in the last 20 years," he said.
“As a result, the number of poor Filipinos has dropped by 5.5 million, based on the poverty incidence of 23% of families by 2006, as estimated by the National Statistical Coordination Board. Self-rated poverty is averaging 57.3%, the lowest since SWS (Social Weather Station) began the SRP survey in 1986."
He said the economy's uptrend is clear from charts showing sustained increase in Growth Domestic Product and Gross National Product since 2001.
"The Philippine economy proved resilient, owing to vital economic reforms and new industry opportunities. The linchpin sector of consumption, services and overseas Filipino workers' remittances continues to deliver, guaranteeing steady growth despite the challenging environment," Saludo explained.
He noted that the country's economic growth had reached on the level of what used to be in 1960's where the Philippine was 2nd in terms of economic ranking in Asia.
"The growth under the administration of President Gloria Macapagal Arroyo is inching its way up towards the level experienced during the terms of former presidents Quirino, Magsaysay and her father Diosdado Macapagal.”
“The current growth upgrade builds on earlier momentum under President Ramos, with growth averaging 5.02% in 1992-96 until the Asian financial crisis the next year stopped the surge," he pointed out.
Quoting World Bank's country manager Joachim von Amsberg, Saludo said that it is possible for the Philippines to takeoff by 2010. He said the World Bank pledged to support the government’s economic reform. "World Bank and the IMF (International Monetary Fund) raised their 2007 growth forecast for the Philippines, expecting the country to do better than the rest of East Asia," he said.
Saludo claimed that local businessmen, together with traders from China, India, Ireland and South Africa were optimistic with the current economic growth performance of the Philippines.
"With increasing investors’ confidence, the prices of stocks and property are back to levels before the 1997 Asian financial crisis. Foreigners are particularly bullish. Net foreign buying of RP stocks jumps 191% to P68.5 in 2006.”
“Net portfolio investment went up to 24% in 2006, after increasing six-fold in 2005. Net foreign direct investment in January-October rose to 75% increase from the same period in 2005," he said.
"There are evident reasons for the resurgent economy of the country like increased exports, increased remittances from Filipinos abroad,increased tourism and the increasing numbers of call centers and other business process outsourcing. And Philippine commerce will strengthen further with the slide in oil prices since July 2006," he said. (Darwin Wee)
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