Thursday, 30 April 2009

Philippines' big population an asset in troubled times

PGMA says huge domestic consumption helps RP cope up with global economic crisis

President Gloria Macapagal-Arroyo said today that huge domestic consumption is helping the Philippines cope up with the global financial crisis.

In her speech during the 30th National Employers Conference (NEC) Wednesday morning (April 29) at the Manila Hotel, the President said the country’s huge domestic consumption, largely due to the more than 85 million Filipinos, is sustaining businesses.

“During these times, it is the countries with large populations, with the reasonably good per capita income like the Philippines that are able to resist the worst effects of the global crisis,” she said.

The President said the same is true with China and India, countries that have the world’s biggest population. China has a population of 1.3 billion while India is a close second with 1.1 billion.

Despite the global crisis, the Bangko Sentral ng Pilipinas has projected that domestic consumption, fueled by overseas remittances, would remain a key growth driver of the economy. (PND)

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