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PIA Press Release
2007/04/18

RP economy now described as “robust and quite healthy”

Cagayan de Oro City (18 April) -- The Philippine economy is now described as “robust and quite healthy” with economic indicators pointing to a low inflation rate of 2.2% in March and a high growth rate of between 6.1% to 6.7% in 2007.

These positive developments are a result of the fiscal reforms initiated by the Administration.

This economic growth will be brought about by the government’s programmed infrastructure projects and similar growth in agriculture (3.9%), industrial sector (6.4%) and the service sector (6.7%).

The peso likewise hit a six-year high of P47.80 to a dollar which is10.5 centavos stronger than Friday’s finish.

This was due to the accumulation of remittances over the weekend. Remittances from overseas workers rose by a quarter to $1.1 billion in February, he added.

This is the 10th straight month that the inflows surpassed the $1 billion mark.

With the improving government finances and low inflation rate , investors’ confidence continues to grow with the annual net portfolio inflows doubled in March and net foreign direct investments increasing by more than 50% in January.

The additional P28 billion investments in electronics, call centers, hotel and resorts will mean more jobs for the Filipino people. (PIA 10) [top]

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