Palace confident of a stronger and more vibrant RP economy by 2010
Malacañang today expressed confidence that the country’s economy will be stronger and more vibrant in 2010 due to the economic reforms initiated by President Gloria Macapagal-Arroyo and the expanding global economic recovery.
In a radio interview over DZRB Radyo ng Bayan, Presidential Spokesperson for Economic Affairs Professor Gary Olivar said the economic reforms set by President Arroyo can be continued by her successor.
He projected that the country’s trade with its major partners will continue to increase including the rise in domestic consumption and demand which will further keep the economy afloat next year.
The National Economic and Development Authority (NEDA) has earlier projected that gross domestic product (GDP) will grow by 2.6 to 3.6 percent next year.
“We are hoping that we are able to realize that (growth). Kapag nangyari po yan, inaasahan natin na makakabalik tayo sa long term growth” (If this will happen, we can expect long term growth), he said.
Olivar said that the country’s strong points remain in the remittances brought by the overseas Filipino workers (OFWs), the outsourcing and offshoring sector and investments from the private sector.
NEDA earlier said that growth drivers for the country this year include trade, tourism and business process outsourcing, construction, mining and quarrying, government services and air transportation.
For next year, NEDA projected that other drivers of growth for the country will be from the manufacturing, finance, transportation, communication and storage, and agriculture sectors.
Despite the country’s slow GDP growth as compared to previous years, the
