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PIA Press Release

7% economic growth eyed by 2010

By Rose B. Palacio

Davao City (9 May) -- President Gloria Macapagal-Arroyo is truly working doubly hard to ensure that the country’s economic growth hits at least seven percent by the time her term ends in 2010, said Press Secretary Ignacio Bunye as the President continuously calls for everyone to do everything to ensure that the coming May 14 elections would be a “truly democratic one.”

As the administration is focusing on a drive for a clean, democratic, honest and peaceful election, the President continuously has been working hard to spur economy because she wants to leave an economy that is in a position to cater to people’s needs in terms of employment, education, livelihood and social services, Secretary Bunye said.

The President is focused on growing the economy, particularly in creating jobs for the Filipinos and ensuring the stability of the peso, Secretary Bunye said.

The country’s GDP registered a growth rate of 5.5 percent in the first quarter of 2006 while GNP grew 5.8 percent during the same period.

GDP is the total output produced within the geographical boundaries of a country, while GNP measures a country’s output of final goods and services in a given period.

The Arroyo administration has achieved a decent increase in growth rate compared to other countries and ensures that the benefits of an improving economy are felt by the common man.

The President and her economic managers are really working hard to reach a growth rate of seven percent, Secretary Bunye said.

The administration attributed the growth of the economy in the first quarter of 2006 to the “strong increases in priority sectors such as manufacturing, construction, exports and private consumption of Filipino families.”

These strong increases have all contributed to the “solid business and consumer confidence that remains despite tough decisions in the public interest,” the President said. (PIA XI) [top]

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