Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Monday, 8 August 2022 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
 << August 2022 >> 
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
Special News Editions:
English.Tagalog.Cebuano
Ilocano.Waray.Hiligaynon
Pangasinan.Other
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
English.Tagalog.Cebuano
Waray.Hiligaynon.Ilocano
Pangasinan.All
PIA Archive News Reader

PIA Press Release
2006/11/14

WB hikes RP growth forecast

Quezon City (14 November) -- The World Bank on Tuesday raised its economic growth forecast on the Philippines to 5.5 percent from an earlier target of 5.3 percent in March, citing improvement in the agricultural and export sectors, and rapid growth of dollar remittances from overseas workers.

It also raised its 2007 gross domestic product (GDP) growth forecast on the Philippines to 5.7 percent from 5.6 percent.

The World Bank also said that a lower budget deficit cut by increased tax revenue from the reformed value added tax should put the government in a better position to increase social sector spending.

The government earlier announced a P50.4-billion budget deficit for the first nine months of the year, lower than the P122 billion programmed for the period.

The peso and stock markets have also reflected the improving fiscal position of the country, with both trading at historical highs aided by increasing inflows from foreign investors.

The peso is trading at 49 against the US dollar, a four-year high, while the Philippine Stock Exchange composite index is approaching the 2,900 levels, its best performance in over nine years.

"Progress with fiscal consolidation objectives has contributed to buoyancy in the financial markets. The adjustment that has occurred in the fiscal front should not be underestimated. It has been significant and will improve the ability of the government to spend more for more productive things without undermining its targets," the agency said.

As conditions continue to improve, the World Bank said investments from foreign and private sources should increasingly pour in. (PIA) [top]

  prev  next  »|
DAILY NEWS LIST:
»Barangay chief jailed for defrauding SSS
»BIR-16 collects Php1.134 billion in taxes in 2Q
»Emano approves P4.54M barangay infra projects
»Comelec Bohol gears up for May '07 polls
»Commentary: Govít leaves no stone unturned in solving political killings
»PGMA confers Order of Lakandula on 2006 World Pool Champion Alcano
»Statement of Secretary Ignacio R. Bunye: Libel case
»Arroyo orders dialogue with foreign businesses
»Statement of Secretary Ignacio R. Bunye: We will beat the odds
»WB hikes RP growth forecast
  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines