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Economy keeps on track amid controversy
by Rodrigo S. Victoria
Naval, Biliran (24 June 2005) -- Amid the controversies hounding the present administration, the country's economy remains resilient and is threading on the right track.

This was manifested anew with the confidence of the local and foreign investors to invest more in the country as shown in the record of the Board of Investments (BOI) which shows that for the first quarter of the year, BOI-approved projects amounted to $52.6 billion while PEZA-approved investments reached $13 billion.
It was also learned that China has committeed to invest at least $1 billion in the country's mining and railway sector.

The joint Foreign Chambers of the Philippines also noted that with the full implementation of the Expanded Value Added Tax Law early next year along with important revenue administrative reforms, it is expected that it will begin to close the budget deficit, reduce the consolidated public sector deficit and ease the public sector borrowings.
President Spokesperson Ignacio Bunye stated that these political and economic challenges must steel our resolve to keep on track and sustain the momentum of our gains.

Secretary Bunye further said that with greater unity and focus, the country can insulate the economy from political pressures and stay the course of putting our fiscal house in order, growing investments and jobs and spreading safety nets to ease the burdens of our people.

In the local scene, during the recent visit of Senator Manuel Villar in the province of Biliran this year, he mentioned the importance of creting jobs in the countryside in order to propel the economy of the country.
Taking before students of the Naval Institute of Technology (NIT), Senator Villar added that the people should rely more on oneself and not so much on government's help in the creation of wealth for the nation.

He also urged the students to engage in business or be an entrepreneur rather than dwell only on employment in order to contribute to the full economic development of the country.

The senator in closing stated that the only way that the country can move forward is for the people to engage in business which will directly help improve the economy. (PIA)

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