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PIA Press Release
2007/04/10

Palace welcomes World Bank report on RP's potential growth

Quezon City (10 April) -- Press Secretary and Presidential Spokesperson Ignacio R. Bunye described today the recent World Bank (WB) study that looked favorably on the country’s potential economic growth in the next two years as "a silver lining in the horizon" in the midst of all the political noise.

"The World Bank’s recognition of the country’s potential for growth is a silver lining in the horizon despite the increasing political noise," he said in a statement.

In its East Asia and Pacific economic update dated April 5, the WB said the Philippines, together with four of its neighboring nations most affected by the financial crisis that gripped the region in 1997 -- Korea, Malaysia, Indonesia and Thailand -- had all returned to positive growth quite quickly and were now much less vulnerable to capital market and financial crises.

The WB also said that it projected the Philippines’ growth to hit 5.6 percent this year and 5.7 percent for 2008 due largely to the recent economic gains.

Bunye said the President’s implementation of "tough decisions" that include the Expanded Value Added Tax (E-VAT) Law and the National Attrition Law have been primary in the move to grow the economy and the President is "even more determined to fuse growth with political stability."

"Her ‘8 by ‘08’ social payback agenda will guarantee greater momentum for economic takeoff as we push Philippine democracy and social justice forward, ensure clean polls, contain terror and insurgency and push the frontiers of regional trade and integration," Bunye said. (PIA) [top]

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