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PIA Press Release
2009/02/25

Ilonggos to be updated on RP's macroeconomic performance

by T. Villavert

Iloilo City (25 February) -- The Philippine Government's Investor Relations Office (IRO) announced that a Philippine Economic Briefing is secheduled on March 5, 2009 in Iloilo City.

IRO Executive Director Claro P. Fernandez disclosed in his invitation letter to various sectors in Iloilo City that senior members of the Economic Team will present a report on the Philippines ' macroeconomic performace in 2008, and the government's plans and programs to mitigate the impact of the global economic slowdown.

Fernandez said the briefing will also feature a report on the economic performance and outlook of Region 6.

It will be recalled that at the onset of the global financial meltdown, President Arroyo ordered her economic managers to prepare contingency plans in order to lessen the impact of the worldwide financial crisis on the Filipinos, especially the poor.

In one of her speeches, President Arroyo stressed that we "rebooted" our economy several years ago. "We took our economic medicine through fundamental economic reform by raising taxes, cutting down on smugglers, reforming our tax collection system and banking laws. Our reforms paid off with revenue for investments in human and physical infrastructure".

She said part of her strategy is the acceleration of investment which started in January 2009 to further stimulate the economy, to help majority of the Filipino people, and to sustain the economic growth.

The Malacanang press report disclosed that the President noted that since the global financial turmoil has started to spread, the Philippines recorded its 4.5 to 4.6 percent GDP growth and gross national product (GNP) of 6.1 percent improvement during the fourth quarter of 2008, compared to Japan's GDP declined by 12.7 percent, United States by 5.1 percent, Taiwan by 9.2 percent, Thailand by 4.3 percent, Singapore by 3.7 percent, and Korea by 5.6 percent.

In relation to this, the President noted that her administration remains focused on further raising revenues through improvements in tax administration and establishment of a public-private sector fund to support resiliency plan initiatives, provides tax relief for the private sector by reducing corporate income tax from 35 to 40 percent, and by exempting minimum wage earners from personal tax and increasing personal exemptions, the Malacanang press report disclosed. (PIA 6) [top]

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