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PIA Press Release
2007/09/03

Commentary: Economy on the rise to benefit the people

TACLOBAN CITY (September 3) -- Amidst the critics' pessimistic expectations, the President's economic reforms fostered a positive outcome.

The President's economic reforms posted a 7.5% growth rate on gross domestic product (GDP) and a rise of the gross national product (GNP) of 8.3% bringing a 7.3% of the country's economic growth by the first semester of the year. The growth rate of 7.5% was during the second quarter of the year.

The President has attributed the success of the economic reform initiative to the Filipino people both here and abroad.

Initially, the President's initiatives were met with skepticism as no one thought it work. But the economist side of the President insisted on its implementation and before the end of the first half of the year, the President's efforts were vindicated.

The fruits of the economic reform will be used in the program of poverty alleviation. Billions of pesos need to be poured into education, the health needs of the citizens and infrastructures. The country needs the physical structures to gain investors confidence and trust in the country's ability to be competitive with other countries.

But the gains of the economic reforms have to be sustained. The President has stressed the importance of the continuation of achieving revenue and deficit targets to ensure investor and creditor confidence. The task of surpassing collection falls in the Bureau of Internal Revenue and the Bureau of Customs of which the two agencies have kept up as per order of the President. Other programs include creating domestic growth through the micro, small and medium enterprises, exports and agribusiness, tourism and infrastructure. Red tape as a means of hastening business was imposed on Secretary Peter Favila to implement.

The power sector was also taken to talk as a means of insuring power cost production strategy.

To beef up the gains of the program, the President has instructed the Super Region champions, the infrastructure agencies and state corporations and the Presidential Management Staff to monitor the programs of the government in insuring that the gains of the economic reforms will not be wasted.

For the next three years, the economic reform gains will see to the payment of the country's debt, the development of human and physical infrastructure, the maintenance of peace and order and other uplifting benefits for the country. In three years time, economic benefit will embrace the country.

There's light for those who help and wait. (PIA-8) [top]

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Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
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