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Arroyo maintains RP economy strong

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By Joel Guinto
INQUIRER.net
First Posted 17:48:00 01/07/2009

Filed Under: World Financial Crisis, Government

MANILA, Philippines — President Gloria Macapagal-Arroyo again assured the nation of the strength of the domestic economy in the face of the global recession that has hit developed nations.

Arroyo said her government would continue to pump prime the economy by spending on infrastructure and social services “for the sake of economic resiliency.”

“We’re among the few Asian economies that fared best in 2008 and are projected to do well in 2009,” she said in a speech in Camiguin, where she was a guest at ceremonies marking the province’s 41st founding anniversary.

“There is a recession in two-thirds of the world but not in the Philippines, and the recession is not in Camiguin, thank God. Many economists are surprised at these events,” Arroyo said in the Cebuano dialect.

According to a newspaper report, London-based Fitch Ratings has maintained its stable outlook for the Philippines, saying the economy remained “reasonably healthy” amid the global recession.

“It is a welcome development,” Executive Secretary Eduardo Ermita said of Fitch Ratings’ statement

“We are very happy. We are proving that the economic fundamental that President Arroyo has set for our government has been working to mitigate the effect of the looming economic crisis,” he added.

The government’s economic managers have predicted that the country would feel the full impact of the global recession in early 2009.

Arroyo has set several measures to mitigate its impact, including preparing one million emergency jobs, setting up a contingency plan, and backing an increase in deposit insurance coverage to P1 million from P250,000.

View article as posted on INQUIRER.net

Written by joelguinto

WedUTC2009-01-07T10:09:52+00:00UTC01bUTCWed, 07 Jan 2009 10:09:52 +0000 22, 2006 at 12:45 am01

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