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PIA Press Release
2009/02/27

PGMA exhorts private sector to sustain investments to shield RP from global crisis

Manila (27 February) -- President Gloria Macapagal-Arroyo called on the private sector to help the government insulate the Philippines from the global economic crisis by continuing their investments and taking advantage of the country's stable and secure fiscal and economic position.

In her address before the gathering of top local and international investors during the "Philippine Economic Briefing" at the Dusit Thani Hotel in Makati City, the President said that the economic and fiscal reforms instituted by her administration have shielded the country from the wave of challenges since last year, such as the huge spike in food, fuel and rice prices, and now, global financial crisis.

Because of these reforms, the President said the Philippines registered an 8 percent GNP (gross national product) growth rate in 2007.

With the country's sound fiscal management and prudent monetary policies, the President said she remains hopeful that the continued partnership with the private sector and the resiliency of the Filipino people would help insulate the country from the continuing global financial crisis. (PIA-MMIO) [top]

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