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PIA Press Release
2006/10/05

Commentary: The people’s zest rises as nation’s economy continues to soar

Tacloban City (October 5) -– It is good to wake up each day with optimism and inspiration, hearing from the broadcast media and reading from the broadsheets that the nation’s economy continuous to soar.

Thanks to the aggressive economic reforms initiated by President Gloria Macapagal Arroyo, one can now read the morning paper while taking his cup of coffee with a smile on his lips and a renewed enthusiasm to work harder, in his own little way, to sustain the country’s economic growth.

The international financial community’s confidence on the country, the upgrading by credit-rating firms on the economic outlook and the continued appreciation of the peso are the welcomed fruits of the unwavering determination of the government to fast track the economic growth of the country so that it will redound to the benefit of the ordinary Filipino.

A clear proof of the international confidence on the country is the extension of $410M in loans by the World Bank, which will benefit the education, health and local government sectors.

The World Bank will not give loans to the country if it does not have confidence in the sustainability of the country’s fiscal programs in the coming years. This is a big boost not only to the government but to the Filipino investors and the Filipino people.

It is a wonderful feeling when one’s country is trusted by the biggest international financial institutions.

The continuous strengthening of the peso, hitting a four-year high of P49.88 to a dollar on sustained foreign exchange inflows is a tangible manifestation that the economic growth is continuing. Inflation is on a downtrend. The fiscal position of the national government is improving and the balance of payment continues to be in surplus.

It is indeed good to wake up with the realization that the country’s economic growth will be sustained because the country is in good hands. (PIA 8) [top]

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