By Rose B. Palacio

Davao City (12 October) -- The Arroyo Administration is optimistic that the country will achieve its growth targets for the year.

President Gloria Macapagal-Arroyo said that the country's Gross Domestic Product (GDP) and the Gross National Product (GNP) grew 5.5 percent and 6.1 percent respectively in the second quarter.

This assures that our target for the entire year of 5.5 to 6.1 percent GDP growth is within our reach. What our economy attained is more significant in light of the many challenges that we face like the strong surge in oil prices and interest rates, increasing regional competition and the worldwide threat of terrorism, she said.

The President also stressed that there is no end in sight yet to the external pressures the country is experiencing.

We call on our countrymen to sustain the momentum of enterprise and productivity backed by permanent political stability, brought about our unwavering focus on alleviating poverty, establishing peace and rule of law, she said.

The President also said that the government has already bared its economic plan to bring progress to the country by increasing food production, improving competitiveness, and modernizing infrastructure to speed up trade and mobility of people.

Press Secretary Ignacio Bunye said that the government has started taking steps to cut red tape and reduce business costs in an effort to jumpstart local economies in the super regions.