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PIA Press Release
2009/02/26

PGMA urges private sector to help protect RP from global recession

Manila (26 February) -- President Gloria Macapagal-Arroyo encouraged the private sector to continue investing in the country to cushion the impact of global economic slow down.

At the Philippine Economic Briefing in Makati, the President said cooperation between government and private sector is necessary to survive the economic storm that affected the world.

The President said the country is ripe for investment because is in a better economic position as compared to others because of the economic reforms instituted in the past years.

In 2007, the Philippines generated an 8.0 percent GNP growth. In 2008, the country managed to pull up a 6.1 percent GNP growth at the time when world was in recession.

The President added that in the fourth quarter of 2008, the Philippine Gross Domestic Product (GDP) went up by 4.5 percent while other economies' GDPs have fallen.

"Working together, we have created a better deal, if you will, than many countries in the region. So now I call upon the leaders of our private sector to take up the challenge at this important time: Join your government and continue to invest in our nation's future. Work with us to ensure that our nation's limited resources are able to meet the objective of improving the lives of the people of the Philippines," the President said. (PIA-MMIO) [top]

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