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PIA Press Release

Gov't working overtime on PGMA's economic blueprint - Palace

Quezon City (20 October) -- Determined to show to the international financial community that the Philippines is indeed on the verge of an economic takeoff, Malacaņang assured that the government is "working overtime" on President Gloria Macapagal-Arroyo's economic reforms.

Press Secretary Ignacio R. Bunye said the government under the leadership of President Arroyo "has gone a long way" in implementing sound economic policies even as he acknowledged that "there is much to be done" in improving the economy.

"There is a growing belief that economic takeoff is well within reach and this is the reason the government has been working overtime on the economic blueprint of President Arroyo," Bunye said in a statement.

World Bank's representative to Manila Joachim von Amsberg sounded the bank's outlook on the Philippine economy taking off by 2010 at the opening Wednesday of the 32nd Philippine Business Conference at the Manila Hotel.

Von Amsberg noted the many government programs that would improve the business climate in the country but added that the government must send "strong policy signals" to attract more investors.

President Arroyo has been implementing several economic policy reforms, including tax reform measures and a strong campaign against tax evaders and smugglers, in a move to improve the country's fiscal position.

Aware of the benefits the Philippines could get from the growing global market, the President convened recently a competitiveness summit participated in by all sectors to map out plans and programs that would make the Philippines globally competitive.

The Chief Executive's development program on the five super regions would undoubtedly speed up economic development in the entire country with the government investing heavily on education and training and infrastructure, as the government has now available funds for these expenditures.

Because of the Arroyo administration's economic programs, credit ratings agencies are optimistic that the country's credit ratings would improve from negative to positive early next year.

The improved fiscal position and peace and order in the country have also been noted by the international financial community as more investments come pouring in the electronics and business process outsourcing sectors, paving the way for the Philippines' becoming the world's hub for electronics manufacturing and BPOs.

On top of this, the government is well on its way to balancing its budget by 2008, ahead of the 2010 target.

"The Philippines has shown itself to be relatively impervious to domestic and global pressures. Productivity is on the rise and stability has returned," Bunye said. (PIA) [top]

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