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Ligalig-Mike

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Philippines Far From Recession?
« on: November 29, 2008, 07:42:27 PM »
President Gloria Macapagal-Arroyo said today that predicting the impact of the global financial meltdown is a risky business, but given its strong economic fundamentals, the Philippines will not go into recession.

“At least not as far as our predictions are concerned,” the President said in an interview with Tony Lopez, president and publisher of BizNews Asia (BNA).

She said predicting the actual effect on a particular economy of the financial crisis sweeping across the world would be akin to reading a crystal ball because of the inherent intractability of the problem.

“What is important for us is to be confident that we have been able to do what we have to do to buffer our economy and to continue to work on our plans to keep the economy moving . . . to help the poor,” the President said.

The interview with the President was conducted on the occasion of the seventh founding anniversary of BizNews, the country’s biggest weekly news magazine.

The President said it’s extremely difficult to speculate on the full range and impact of the unprecedented financial debacle. But “what we can say is that we made tough decisions over the last seven years, and these decisions have borne fruit.”

These tough economic reforms, notably the expanded Value Added Tax (EVAT), have made the Philippines more resilient to the blows of the current crisis, she pointed out.

But the government, the President added, must continue to beef up its programs and strategies to keep the economy on the move. “We are taking actions to keep the economy moving and also to make sure that the poorest of our poor have additional relief from the burdens they bear.”

Moreover, the government has adopted a contingency plan in the event the United States, the Philippines’ biggest trading partner, goes into recession, she said.

The President explained that the contingency plan, like those of other countries, is basically a stimulus package.

The stimulus package calls for massive infrastructure spending, emphasis on investments on agricultural production to ensure adequate food supply at affordable prices, and investments in energy. “At the end of the day, we want the private sector to continue to invest and they need infrastructure,” she said.

The President demurred when asked about what she considered her biggest achievement, saying, it’s all up to history to judge.

“What I can say is that during my presidency, we’ve been focused on reforming the economy, we’ve been focused on generating investments, we’ve been focused on creating new and better infrastructure, we’ve been focused on building a social safety net, especially in healthcare, education and bringing stability and peace to the country,” she added. - PNA

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benelynne

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Re: Philippines Far From Recession?
« Reply #1 on: November 29, 2008, 09:33:33 PM »
I am neither a fan nor a foe.

But I think our most well-traveled president has taken too many flights, overseas and domestically. This self-prognostication simply seems like a flight of fancy.

She should stay put on the ground for a while. Why, even Disneyland is smarting from this global recession!
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Re: Philippines Far From Recession?
« Reply #2 on: February 12, 2009, 02:14:36 AM »
hopefully.. because it's that easy to achieve bank loans here in the Phils. granted domino effect ang trend because we also have alot of foreign investors. but i guess it won't be that bad here. Except sa mga off-shore manufacturers.
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