|
Sunday, August 13, 2006
RP economy on the upswing: Arroyo
MANILA -- President Gloria Macapagal-Arroyo said the economy is doing very well and that the budget deficit this year may even be as low as P100 billion while exports growth can go up as high as 15 percent.
Arroyo held a roundtable discussion on improved tax collection, lowering of the inflation target to 3.5 to four percent, and the marked drop in poverty incidence in the different provinces.
The President said Budget Secretary Rolando Andaya Jr. projected a P100 billion deficit by the end of the year below the target of P125 billion.
However, she said she told Andaya that government is sticking to the P125 billion target "because I think that rather than holding on to that extra P25 billion, we should spend that bit on infrastructure and social services."
She said the P125 billion target is in line with the goal of a balanced budget in 2008.
Arroyo said government is now learning how to spend big amounts after being cash strapped for so long.
Socioeconomic Planning Secretary Romulo Neri said government has to spend more and faster because "yung savings natin umaapaw sa sistema (our savings are overflowing from the system)". He said this could be attributed to high revenue collections.
Arroyo said the exports sector has grown by 20 percent from January to June this year compared to 17 percent in the same period last year, with garments growing fastest despite the fact that the country is out of the quota regime.
Trade Secretary Peter Favila said this is fifth consecutive month that exports had a double-digit growth. (Sunnex)
For Bisaya stories from Davao. Click here. (August 13, 2006 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
