Tuesday, September 26, 2006
Economy grows stronger says budget secretary
BUDGET and Management Secretary Rolando Andaya Jr. said the country's economic gains remain strong enough to weather whatever would take place.
Andaya was in Davao last week for the official launching of PX Mart at the regional office of the Department of Budget and management (DBM).
He said the economic fundamentals are strong enough to withstand any storm, including the possible economic backlash from the recent military coup in Thailand that ousted Thai Prime Minister Thaksin Shinawatra.
He said the continued appreciation of the peso, now almost hitting the P49-to-$1 mark is an indication that the country's economy is growing stronger.
The Philippine stocks have also recovered tremendously, despite destabilization moves by the anti-Arroyo groups in the past months.
The government also boasted a marked increase by 10 percent in direct foreign investments, indicating continued investor confidence in the country.
Government economic planners believe the Arroyo administration's determined efforts to balance the budget and improve the country's overall security situation as it pushes for growth and development, which are factors that boost investor confidence.
For Bisaya stories from Davao. Click here. (September 26, 2006 issue)
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