Monday, 27 July 2009

Philippines posts record 34 quarters of successive economic growth under Arroyo

MANILA (PND) --- From the repetitive boom and bust cycles under previous administrations it is only under President Gloria Macapagal Arroyo’s watch that the Philippine economy enjoyed 34 successive quarters of growth.

Press Secretary Cerge Remonde proudly reported this accomplishment in a television interview over Channel 9 today.

“Before this global economic crisis, we had a record 34 quarters of successive economic growth which has never happened before in the history of the Philippine economy,” Remonde said.

“Our economic history was characterized by boom and bust cycles—so there is a period of growth and a period of decline. But this boom and bust cycle was broken by the administration of President Gloria Macapagal Arroyo, where we experienced 34 quarters of steady economic growth,” he stressed.

“We could have had a balanced budget by 2009 or before the end of her term if not for the global economic crisis, which forced us to spend to pump prime and stimulate the economy,” Remonde noted.

The President has brought economic stability. She brought the Philippines back in the global economic radar after inheriting an economy that was on the brink of bankruptcy, he added.

Among her greater achievements, Remonde said, is her doubling the size of the Philippine economy from 2001 to 2009. “She is going to leave a country much better poised for takeoff than when she found it. The person who will succeed her will be like a person inheriting a gold credit card with high credit limits,” he said.

Aside from infrastructure—both human and physical—her administration has built more roads, bridges, ports and airports than any other administration in the past, Remonde said. This administration, he added, made the country more united physically, in that the main islands of the archipelago are now linked through the Strong Republic Nautical Highway.

Because of that, travel from one point of the country to another has become more efficient, more immediate and of course cheaper.

“We have developed more ports and airports than any other administration. We have attracted more airlines. Whereas we only had one airline in the past, now there are so many operating in the country. This administration has made it possible for everyone to fly,” he said.

In terms of human infrastructure, no administration has sp

1 comment:

  1. President Gloria Macapagal Arroyo has training as an economist and is just what the the Philippines needed. She's is quite intelligent and she has pushed the BPO industry to it's current large size in the country. The Philippines needs another one just like her.