PRESIDENT Benigno S. Aquino III expressed confidence Monday that the Philippine economy would hit its growth target of seven to eight percent by the end of the year due to the reforms being implemented in government that will entice businesses to invest in the country.
In an interview in Malacañang, the President said the country’s gross domestic product of 4.8 percent as posted by the National Economic Development Authority (NEDA) for the first quarter of the year was almost the same as those posted by our neighboring countries and was indicative of the effects of the earthquake that struck Japan in March and the turmoil that rocked the Middle
East in February.
“If we compare our GDP with that of our neighboring countries, we are not that low end. We all have been affected by the Middle East crisis and the earthquake that struck Japan which we all know to be one of our largest trading partner and source of overseas development assistance,” the President said.
He said the government will be able to pump prime the economy for the second quarter of the year by inviting domestic and foreign businesses to invest in the country through the government’s Public Private Partnership (PPP) program.
He said this investment program coupled with the lowering of crude and electricity prices is key to reaching our economic growth target for the year. (PCOO)