Philippine Government Forecasts 4.3 Percent Growth in 2001Despite challenges confronting the newly-installed administration of President Gloria Macapagal- Arroyo, the Philippines' economy is expected to register a modest growth this year.Secretary Manuel Roxas II of the Department of Trade and Industry revealed an upward adjustment of economic growth rate of 4.2 to 4.3 percent from the previous forecast of 3.8 percent for the year 2001, a presidential palace news release said. "In my view, the year 2001 is a year for stabilization. Stabilization would allow banks to provide more loans; investors will engage in new businesses or expand their activities; there will be openings of new manufacturing facilities, among others," Roxas said. This assessment has strengthened the new administration's policy agenda to sustain economic growth and move forward from the slowdown that occurred in the fourth quarter of last year. President Macapagal-Arroyo earlier enumerated a number of ways to rebuild the economy, foremost of which is to reduce this year's budget deficit from the expected 225 billion pesos (US$4.5 billion) to 145 billion pesos (2.9 billion pesos). The President also called for the implementation of austerity measures in the government, lowering of interest rates, and fast- tracking of legislations or reform bills aimed to strengthen the banking sector, enhance the country's investment climate and improve competition in industries. Arroyo was sworn in to office on January 20 in a military- backed popular uprising against corruption-tainted former President Joseph Estrada. |
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