Philippines president confident of sustained economic growth under her watch

President Gloria Macapagal”Arroyo declared today that the economic growth the country is now experiencing will be sustained under her watch.

In her message during the 5th Biennial Convention and 10th Anniversary celebration of the Chinese Filipino Business Club, Inc. (CFBCI) at the Centennial Hall of the Manila Hotel this morning, the President stressed that she is determined to propel the country to a First World status in the next 20 years.

“We have been setting our sights on a modern Philippines, ready to join the ranks of first world nations in 20 years,” she said.

The economy posted a 7.1 percent growth in the first three quarters of 2007, a trailblazing performance that the government seeks to sustain and possibly improve on throughout the Arroyo presidency.

The President pointed out that in 2007, the Philippine made a huge investment in its efforts to join the ranks of First World nations. “We aim to make sure we keep it that way throughout the duration of my term,” she said.

She said the country’s economic turnaround was marked by 28 consecutive quarters of growth.

Seven million jobs were created over the last seven years, while business and investors’ confidence has been on the upswing.

The Philippine peso, the President” added, has appreciated more than 15 percent since 2006, and is now one of the world’s best performing currencies.

She also cited the bull run in the local bourse which has reached historic heights, while the budget deficit is under control, and revenue collections have reached unprecedented levels.

For the first time in decades, less revenues are being used to service debts while more resources are being directed towards investment in human capital and physical infrastructure including education, health care, trainings, bridges, roads and courts, she said.

“2007 was the year the Philippine economy turned around. Through the tough choices we made to enhance revenue, raise tax collections and run a tight budget, we are now on the path to sustained economic growth,” the President said.

“We have the highest growth rate in a generation, the lowest unemployment, a surge in investments, high job creation and a budget coming into balance. The peso is strong,” she added.

With these positive economic indicators, the President said there’s every reason to be optimistic that 2008 will be a ” peaceful and successful” year.

“We are brimming with confidence in the resilience of our economy, hopeful for peace and security for our people,” she added.