Friday, 23 April 2010

Impact of PGMA’s economic reforms will still be felt years after – business leaders

The country’s business leaders today said the full benefits of President Gloria Macapagal Arroyo’s economic and social reforms will continue to be felt in years to come.

“While we are already reaping the benefits of the President’s economic and social reforms at this time, the full result will be felt by generations to come,” said Philippine Chamber of Commerce and Industry (PCCI) president Francis Chua.

Chua said the President’s economic and social reforms were made “even at the expense of political capital,” but which preserved and sustained jobs and attained industrial peace, while businesses and investments continued to grow despite the global crisis.

The President was the guest of honor and speaker at today’s closing of the two-day 31st National Conference of Employers (NCE) conducted by the Employer’s Confederation of the Philippines (ECOP) at the Manila Hotel.

Dr. Alfonso Uy, president of the Federation of Filipino-Chinese Chamber of Commerce and Industry, Inc (FFCCCII), said these reforms helped Philippine business cope with and overcome difficulties during the global crisis.

Uy said the peso is strong, exports are up for the fourth straight month, foreign investments are up, and the tourism industry is booming.

In her speech, the President thanked business leaders for their support since 2001 when she assumed the presidency, particularly in her reforms to pump prime the economy and make the Philippines more globally competitive.

With the full support of the local business industry, the President said the Philippines attained a record 37 consecutive quarters of growth while creating nine million new jobs during her administration.

To date, the President said business and investments continue to grow while the country achieved an improved credit rating, having an acceptable debt to gross domestic product (GDP) ratio at a time when other countries agreed that it is not yet time for an exit strategy from the global crisis policies.

The President said both the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) have also exceeded their targets for the first quarter of this year, while self-rated poverty this year stood at 43 percent, the lowest in 23 years. (PND)

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