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PIA Press Release
2006/10/21

More intervention needed for GDP growth

by RG Alama

Davao City (21 October) -- The Government in order to attain a higher economic growth rate should put in place intervention measures, which would greatly benefit the private sector, according to Mindanao business leader Sofronio "Boy" Jucutan.

The Arroyo administration has been eyeing at least a 5.6% growth of the Gross Domestic Product for the year. The government's economic team's previous target was a growth rate of 5.5 to 6.1 percent for this year. In 2005 the country's GDP posted a growth rate of percent.

"There has to be intervention to increase productivity, which would lead to higher growth," said Jucutan. "If there is no intervention a much higher target would be hard to attain," he added.

A former president of the Davao City Chamber of Commerce and Industry (DCCCI) Jucutan said that along the interventions would be in the form of skills development for laborers and lower interest rates for agriculture and industrial enterprises. Jucutan also said that Government incentives on the purchase of equipment, which would be used to improve productivity, would also be among the much-needed interventions.

The country has been growing annually by between 4 percent and since 6 percent since 2006, largely underpinned by remittances coming from about eight million Overseas Filipino Workers or OFWs. (PIA) [top]

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