|
|
Chambers of Commerce Updates
|
|
|
INTERNATIONAL
|
Businessmen Hail Government for Strong Q1 Growth Performance |
|
1 JUNE 2007
The Philippine Chamber of Commerce and Industry (PCCI),
the Philippines' biggest business organization, hailed the
strong performance of the first quarter gross domestic
product (GDP) growth of 6.9%
Attributing the country’s strong economic performance to
a more intensified public-private partnership to move
the economy forward, PCCI president Samie Lim congratulated
President Gloria Macapagal Arroyo and
members of her economic team headed by Secretaries Peter
Favila, Margarito Teves, Arthur Yap, Romulo Neri, Ace
Durano, Alberto Romulo, Leandro Mendoza, Raphael
Lotilla, Rolando Andaya, Jr., and Central Bank governor
Amando Tetangco.
|
“This leap forward has been noted as the highest in the
country in the last 17 years and we are ahead of the
rest of ASEAN with the exception of Vietnam. The
President, her economic team and the private sector
really delivered in rallying investors’ interest and
confidence on the economy,” Lim said.
The 6.9% GDP surge has been attributed to the
intensification of activities in the services sector,
which contributes 54% to the GDP; the industry sector,
which contributes 32% to the GDP; and, the agriculture
sector, which contributes 14% to the GDP. Current levels
indicate that the three have attained 9.1%, 5.3%, and
4.2% growth levels, respectively.
“This track ensures that the economy is in for a more
stable and stronger growth in the next six months,
providing the means to achieve the elusive 7% growth in
the gross national product (GNP) that PCCI is advocating
for,” Lim added. |
 |
|
Samie Lim, PCCI president |
|
|
Lim also noted other factors that continue to make the
economy vibrant. These include a stronger peso, a 3,500
record-high PSE index, an infrastructure budget of about
1 trillion pesos, surging OFW remittances of US$ 13
billion, increasing investments in business process
outsourcing (BPO), tourism, property and construction.
Lim also credited the 2007 mid-term elections as one of
the important factors that affected the movement in the
country’s GDP. “While we note the big contribution of
these sectors to the strong performance of the economy,
we note for a fact that the election spending across the
country has helped trigger this strong growth,” Lim
said.
Lim also expressed optimism that with the implementation
of reforms to improve the macroeconomic environment such
as efforts to enhance tax collection, fiscal policies
supporting pump-priming, effective debt management, and
continuous checks to lower inflation rates, the economy
will continue to grow.
“These progressive steps will cause developmental
effects to create a more stable economy and a highly
predictable business environment benefiting the
different sectors of the economy,” Lim stressed.
The PCCI is a non-stock, non-profit organization
comprised of 1,200 direct members, 98 local chambers,
122 industry associations, and 30 foreign business
councils, all working together for a more vibrant
Philippine economy and to improve the viability of
businesses in the country.
|
|
|
|
|
Terms of Use. Privacy Policy. Disclaimer.. |
| |
|
|
 |
| Meet Filipina and Filipino for friendship, romance, dating, chat |
|
| |
|
|
|
Email Article