Thursday, September 07, 2006
Gov't to disburse P2 trillion to hike RP's competitive standing
PRESIDENT Gloria Macapagal-Arroyo said government and the private sector will spend P2 trillion on infrastructure from 2006 to 2010 in order to increase the country's competitiveness and productivity.
Arroyo, in her speech at the Philippine mid-year economic briefing at the Dusit Hotel in Makati City, said the country made "significant progress" towards achieving her administration's economic goal.
"We have much work to do but it's clear that progress has been made. The economic indicators that we have seen in the presentation of the members of the economic team underscore the success of our policies," she said.
She said the financial and economic reforms that government implemented will continue "because they are necessary even if they are painful."
Arroyo said government is well into Phase 2 of her economic plan, which is to take advantage of the improved economic environment to strengthen the country's competitiveness.
Sheo said more than P2 trillion will be invested by the government, government corporations and financial institutions, local government units and the private sector on roads, railways, seaports, airports and other infrastructure. She said the projects are contained in the Medium-Term Philippine Investment Program (MTPIP).
Arroyo said the infrastructure projects would be used to restructure the economy and strengthen the natural advantages of the country's five super regions, namely, North Luzon, Metro Luzon, Central Philippines, Mindanao and
Cyber Corridor.
"As I've said before, our country is too Manila-focused. We genuinely need to look at the entire country and not rely on trickle-down economics from Manila to do the job. We are making progress but much more remains to be done," she said.
She said aside from roads and railways, government is also boosting funds for science and technology, education, and training that will produce a skilled workforce suited to the opportunities that are being created.
Arroyo said the first semester of the year was characterized by steady economic growth, rising imports and exports, a strong market and peso, higher revenues and a lower deficit. She said the economic growth was "broad-based", with significant contributions from the services, agriculture, and exports sectors, which would still be further strengthened.
She said government will continue its policy of prudent economic management. She said her economic team will balance the budget by the end of 2008 and continue to invest in infrastructure that would boost international competitiveness, attract job-creating investments and deliver social services that will improve the quality of the people's lives. (JMR/Sunnex)
(September 7, 2006 issue)
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