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PIA Press Release
2006/10/12

RP economic gains, decline of external vulnerabilities catch interest of int'l market

Tacloban City (12 October) -- The country's surging economy which comes side by side with the decline of external vulnerabilities cannot remain unnoticed.

The International Monetary Fund's recognition of the country's surging economy that comes as a significant result of the economic reforms launched by the Arroyo administration two years ago, comes as a big boost and inspiration for the country to do better in order to sustain the rosy economy it is now experiencing.

This is a clear indication that the international market is taking notice of the economic gains in the country and indeed, this is a big boost and inspiration for the country.

The IMF noted, too, the decline in the country's external vulnerabilities and the number of major milestones the country has achieved, particularly the reduction of the non-financial public sector deficit through tight controls on government spending.

The IMF lauded how the authorities persevered with reforms and achieved considerable progress despite the stumbling blocks in the initial implementation of reforms due to political destabilization, surging international oil prices which threatened to derail the extension of VAT to energy products which is a key component of the fiscal reforms.

However, the momentum brought about by the economic reforms must be sustained if there is to be a significant improvement in the economic performance. The economic gains that the country is starting to feel is not yet the fulfillment of the Administration's goal.

The Arroyo Administration has always been focused in its resolve to make the gains of the fiscal reforms and economic growth trickle down to the ordinary people in the form of more food in the table, more job opportunities, more access to excellent education, health services and other social services.

All these will soon be achieved. The country is in the right track. But the cooperation and support of every Filipino is needed so that the country will not be derailed in traversing the path to lasting peace and economic prosperity. (PIA 8) [top]

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