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PIA Press Release

Our economy has reached new level of maturity - PGMA

by Rutchie Cabahug-Aguhob

Cagayan de Oro City (26 September) -- "We celebrate St. Michael's Feastday with the good news that our economy has reached a new level of maturity and stability with some of the strongest macroeconomic fundamentals in 20 years."

This was the greetings of Pres. Gloria Macapagal-Arroyo to the participants of the Business Forum recently held in Iligan City, which was among the activities lined up in observance of the city fiesta in honor of St. Michael Archangel on Sept. 29, this year.

"We have aimed high and have met the challenge. Six years ago, no one thought we could get more revenues, cut down on tax cheats, strengthen the peso and move the stock market," the President said.

"And no one thought we could bring our budget into balance, pre-pay our debts and raise employment, but we have," she stressed.

In her speech, the President also said that today, our country is on a path to permanent economic growth and stability as investments are pouring in.

"The peso is strong, our stock market has reached historic heights and we have created six million jobs in six years. And the world is taking notice: the Philippines is one of the best values in Asia for domestic and foreign investors," she gladly announced.

Just yesterday, Secretary Margarito B. Teves of the Dept. of Finance (DOF) said the country's improved performance is expected to remain on track and economic growth will likely stay well-supported by household spending, business investment and government spending, despite the prospect of weaker exports.

Meanwhile he said the government had a budget surplus of Php13.9 billion in August, this year, the second surplus in a row and this is attributed to the improved collections by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC).

The Finance Secretary also said he is confident the budget deficit would come in within the targeted Php63 billion for the year and attain a balanced budget by 2008. (PIA 10) [top]

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