Thursday, 28 May 2009

Palace cites 0.4 % Philippine economy growth rate in Q1

MANILA (PNA) –- Malacañang on Thursday cited the expansion of the Philippine economy by 0.4 percent in the first quarter of the year.

”A growth is still growth as we have heard and seen the report, but we should try to reflect the gross national product (GNP) [4.4%] which includes the number of remittances by the Overseas Filipino Workers (OFWs) that contributes greatly to the Philippine economy,” said Deputy Presidential Spokesperson Dr. Anthony Golez, in an interview with reporters at the New Executive Building (NEB) in San Miguel, Manila.

Golez, however said, this is not yet a time to celebrate because it’s common knowledge that the global economic situation will improve by the second half of the year.

He said President Gloria Macapagal-Arroyo will continue to focus, among others, in job generation.

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