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PIA Press Release
2007/06/15

7% economic growth eyed by 2010

By Rose Palacio

Davao City (15 June) -- President Gloria Macapagal-Arroyo said yesterday she's working doubly hard to ensure that the country's economic growth hits at least 7 percent by the time her term ends by 2010, and thereby leave an economy that is in position to cater to people's needs in terms of employment, livelihood and social services.

The President said some people are saying that a 5.5 percent growth in the gross domestic product (GDP) and 5.8 percent in gross national product (GNP) would hardly be felt by the masses but the government is hitting the goal.

For the first quarter of 2007, Finance Secretary Gary Teves reported that the economy grew by 6.9 percent. This is the fastest pace in almost two decades, while the GNP grew by 6.6 percent.

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.

They say we should work to achieve a seven percent economic growth. That's the reason why I'm focused on growing the economy, particularly in creating jobs and ensuring the stability of the peso. That's my mission, the President said.

"We have achieved a decent increase in growth rate compared to other countries but to ensure that the benefits are felt by the common man, President Arroyo said.

She attributed the growth of the economy in 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," she added. (PIA XI) [top]

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