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PIA Press Release
2006/10/04

Commentary: There is reason to be cheerful about the economy

Tacloban City (October 4) -- There is reason to be cheerful about the economy. The front page of a national broadsheet reads: Peso breaches 50 against US dollar. The peso broke into the 49-level against the dollar for the first time in over four years.

Another headline says, Oil companies cut price of cooking gas by P2.24/ kilogram. This will mean a reduction of P24.64 per eleven-kilogram LPG cylinder. Still another reads: Inflation seen at 5.7 to 6.4%. This means that the country’s inflation rate softened further in September as the strong peso helped temper consumer prices.

Investor confidence is reflected in the news story Forum of UK eyes LNG facility in RP. United Kingdom-based Forum Energy Plc is eyeing the possibility of establishing a liquefied natural gas (LNG) facility in the country.

What about the headline in the same issue of the broadsheet which says, As India gets too costly, BPOs now turn to RP? Reading through, the news informs that high salary and transfer rates in India are making that country less appealing to business process outsourcing (BPO) firms—a trend which the Philippines can take advantage of by accelerating IT training among students.

Meanwhile, revenue collection agencies, the Bureau of Internal Revenue and the Bureau of Customs continue to double their efforts to improve on collection.

The rising of the peso shows the overall discipline and spirit of enterprise of the Filipino. The global confidence is the fruit of the sound stewardship of reforms, tough decisions and growing political stability.

Even President Gloria Macapagal Arroyo admits that she is elated about the healthy and rosy economic picture of the country.

This inspiring development only doubles the President’s resolve that this government will ensure the flow of macroeconomic gains to every family that plays a pivotal and important role in building up the economic foundations of the country. (PIA 8) [top]

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