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Monday, August 07, 2006
RP is no longer poor in money: Neri
By Lory Ann B. Bilbao
"We are no longer poor in money."
National Economic Development Authority (Neda) Secretary Romulo Neri said this last week during the first awarding of "Best Government Projects" in Western Visayas hosted by the Regional Development Council (RDC), GTZ and Neda.
Neri echoed one of the outlines of President Gloria Macapagal Arroyo's State of the Nation Address (Sona) that the country indeed has money.
The hurdle on the other hand was despite the excess in money, mostly of which are in banks, "they are not lending," Neri said.
"The sales are growing but the investment is going down."
Neri showed that the country's domestic savings has increased compared to its foreign savings.
From 16.1 percent in 2000, domestic savings grown to 20.7 in 2005 while foreign savings from the mere 8.8 in 2000, went down to 4.65 last year.
The investments of 19.3 percent turned to only 15.1 last year making the sales-investment gap of 3.7 percent in 2000 to 14.8 last year.
"There is always hope in everything," Neri said. He told the local government officials and members of some government agencies to build infrastructures because these attract investors.
To finance these types of projects, the local government could also make use of its money from Government Owned and Controlled Corporations (GOCCs) to fund projects.
Then, after developing their areas to attract business, self-sustainable project proposals could then be financially aided by international lenders like the ChinaExim Bank, which lends to the country $2 billion per year but also demands growing projects. The loan from this bank should then be repaid for the next three years.
(August 7, 2006 issue)
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