Aquino confident economy will meet target

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)

Ekonomiya mo lambo og 4.6% karong tuiga – UN

MOABOT sa 4.6 porsyento ang Pag-uswag sa ekonomiya sa nasud ning tuiga, matud pa sa usa ka taho gikan sa United Nations (UN).

Base usab sa “World Economic Situation and Prospects 2011”, niingon ang UN nga gi bana-banang mo usbaw sa 5.1 porsyento ang gross domestic product (GDP) sa nasud sunod tuig.

Ang GDP ang kinatibuk-ang kantidad sa mga produkto ug serbisyo nga naggikan sa nasud.

Bisan og positibo ang mga migawas nga bana-bana, ang “UN GDP projection” alang sa Pilipinas mas ubos kon itandi sa target sa kagamhanan nga gikan pito hangtud walo ka porsyento’ng paglambo sukad ning tuiga hangtud tuig 2016.

una niini, nagpagawas og kaugalingong bana-bana ang World Bank ug giingong moabot sa lima ka porsyento ang isaka sa atong ekonomiya alang sa tuig 2011 ug 2012.

Bisan pa niini, niingon ang UN nga moabot sa 4.2 porsyento ang inflation rate sa nasud karon ug sa sunod pang tuig.

Matud pa sa UN nga sa tuig 2011 usab gilauman ang paglambo sa atong export revenue. (ecbPIABohol)

Aquino confident PH economy to continue to grow in 2011

President Benigno S. Aquino III expressed confidence that the country’s economy will
continue to grow next year as evidenced by the stringent efforts of the government to uplift
the standard of living of the Filipino people.

The Chief Executive, in an interview on Thursday following the commemoration of the 114th
martyrdom of the country’s national hero, Dr. Jose Rizal at the Rizal Park in Manila said that
businesses in the country will continue to grow gradually improving the unemployment and
underemployment rate for the better.

The President assured that the government has been exhausting necessary steps to
expedite processes in totally solving issues that hamper economic growth.

For instance, the President cited the expansion of an international relationship management
firm in Manila which has five-major expansions throughout the country, the newest in San
Lazaro near the University Belt.

Convergys has provided 20,000 job opportunities for the Filipinos.

“If you remember we went to a company called Convergys not too long ago. They opened a
new facility in San Lazaro. The first day they had to acquire a new office in addition to the one
that they had contracted. From then on, they continue to grow in a period of one month”, the
President said.

“So that I think is a total reference of what we should be expecting”, he added. (PIA/PCOO)

Business confidence index hits new high

Business sentiment has hit a new high, the central bank yesterday reported, with the outlook
for the fourth quarter at its highest since 2001.

The overall confidence index (CI) was at 50.6% for the period, the Bangko Sentral ng
Pilipinas (BSP) said in a statement, up from the 45% recorded for the third quarter and the
22% posted a year earlier.

It said sentiment had been boosted by 3 factors:
• expectations of sustained economic improvements on the back of strong demand
that is being fueled by migrant workers’ remittances and capital inflows;
• the seasonal factor of stronger business sentiment during the Christmas and
harvest seasons; and
• continued confidence in the new government.

“The positive business sentiment likewise mirrored the improving business confidence in
countries such as Canada, Hong Kong, India, Germany, Italy and New Zealand,” the BSP

The outlook for the following quarter, however, dipped. The next quarter CI — for the first
quarter of 2011 — was at 51% from the 59.2% recorded three months earlier.

The BSP survey was conducted from Oct. 1 to Nov. 9. A total of 1,624 firms nationwide were
polled, of which 75.4% responded. (PIA)

Q1 remittances from overseas workers rise 7% to $4.3-B

REMITTANCES from Filipinos working overseas rose by 7% in the first quarter to $4.3 billion, the central bank or the Bangko Sentral ng Pilipinas said on Monday.

In March alone, money sent by Filipinos overseas went up by 5.6% from a year ago to $1.5 billion.

The central bank said money sent home in the first quarter grew on sustained and higher remittances by both land and sea-based workers.

The central bank said in a statement that prospects for global deployment of overseas Filipino workers remain positive, especially as employment opportunities are expected to rise along with clearer signs of global recovery.

Remittances, a major consumption driver, still come mostly from the United States, Canada, Saudi Arabia, Japan, Singapore, the United Kingdom, Italy and the United Arab Emirates.

The central bank had previously forecast remittances in 2010 to grow by 8%. In 2009, remittance inflows hit a record $17.3 billion. (PIA-Bohol)