Bizman optimistic with country’s 6.6 GDP growth

CITY OF SAN FERNANDO — Pampanga Chamber of Commerce and Industry (PamCham) vice chairman Rene Romero is optimistic that the country’s strong economic performance of 6.6 percent gross domestic product (GDP) growth for 2012 would have a good effect on investor confidence and business atmosphere in the country.

Romero said the 6.6 GDP growth would even reach seven percent depending on the result of the upcoming May elections this year. 

He added that President Benigno Aquino III’s fiscal management and the overall performance of middle range businesses have been propelling the country’s growth and may even go up until the second quarter of this year.

“It can go up by seven percent or event 7.5 but it can also slide down. This may depend on the results of the May elections and how government can maintain its fiscal reforms,” Romero said.

Earlier, National Economic Development Administration (Neda) Director General Arsenio M. Balisacan attributed the impressive growth to the private sector’s remarkable GDP contribution and further acknowledged the sector’s willingness to “increase their stakes in our economy”.

Quite significant from the Neda report was the increase in private sector construction actib7e vities in the beginning of the third quarter following the lead of public construction activities in the first two quarters of 2012.

Romero said that the general business atmosphere now is boosting the business sectors confidence in the current economy and will soon reap much on the investor benefits after the election. 

He added that government should also take into account disaster preparedness as most natural disasters like typhoons that hit the country also have effects on the country’s local economy.

Election spending, he added, will also contribute to the initial performance of the local economy in the first quarter of 2013.