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PIA Press Release

ASEAN economists upbeat about RP’s strong economy

By Henry S. Lagasca

San Fernando City, La Union (4 October) -- A US-based investment bank, Merrill Lynch recently rated the Philippines’ fiscal and economic progress as a “success story.”

This recognition highlights President Gloria Macapagal-Arroyo’s effort in putting in place the economic foundations as the country continuously reaps global confidence for the sound stewardship of economic reforms and growing political stability

Despite the ravages of typhoon “Milenyo”, the peso surged along with single digit inflation which continues to benefit the consumers at the grassroots level.

With the peso’s newfound strength, lower oil and LPG prices and improved revenue collections, all these would be credited, according to Press secretary Ignacio Bunye, to the overall discipline and spirit of enterprise of the Filipino.

Economic planners claimed that the country’s economic growth was not affected by the typhoon. Economists polled by XFN-Asia said that the country is maintaining its single digit inflation ranging from 5.7 to 6.6 percent and this could be attributed to lower price of petroleum products and the continued rise of the peso.

Banco de Oro market strategist Jonathan Ravelas projects that the continued strengthening of the peso is also attributed to the strong remittances from Filipinos abroad.

University of Asia and Pacific economist Victor Abola said that because of the easing inflation rate, it ensured enough supply and stable prices of major food staples when a series of typhoons devastated parts of Luzon and Visayas including Metro Manila.

President Arroyo appreciates the support of all stakeholders and is confident that the present economic gains can be sustained if everyone joins her call for unity and cooperation.

As the economy is on a roll, let us not take heed nor be distracted from the intermittent political skirmishes and non-stop politicking of the opposition. The negative impact that it produces does not help the country and will only slow down economic growth. (PIA 1) [top]

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