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PIA Press Release

Economic gains are strong - Sec Andaya

By Rose B. Palacio

Davao City (26 September) -- Budget and Management Secretary Rolando Andaya Jr., who was in Davao last week for the official launching of PX Mart at the regional office of the Department of Budget and management (DBM) said the country's economic gains remain strong, enough to weather whatever would take place.

The country's economic fundamentals are strong enough to withstand any storm - including the possible economic backlash from the recent military coup in Thailand that ousted Thai Prime Minister Thaksin Shinawatra.

He said the continued appreciation of the peso, now almost hitting the P49-to-$1 mark is an indication that the country's economy is growing stronger.

The Philippine stocks have also recovered tremendously, despite destabilization moves by the anti-Arroyo groups in the past months.

The government also boasted a marked increase by 10 percent in direct foreign investments, indicating continued investor confidence in the country.

Government economic planners believe the Arroyo administration's determined efforts to balance the budget and improve the country's overall security situation as it pushes for growth and development which are factors that boost investor confidence.

The real challenge now is how to rein in the budget deficit, with the P125-billion deficit target set for this year.

The recent passage of the Senate of the P49-billion supplemental budget will help the government attain the projected budget deficit for this year.

The government also cushioned the impact of destabilization moves and protect the economic gains it had made. The government has also worked hard to stabilize the prices of prime commodities as well as ensure that basic commodities reach the grassroots, he said. (PIA-XI) [top]

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