Monday, 30 August 2010

Palace vows to improve on 7.9% economic growth

Manila Standard

Malacañang on Saturday assured the nation that the government will continue to find ways on how to further improve the economy, following the 7.9 percent economic growth in the second quarter of the year, which is said to be the highest in three years.

“Pag-iibayuhin natin ang ating pagsisikap na gawing tuloy-tuloy na yan [We will improve our efforts in ensuring that it will be a continuous economic growth],” Presidential Communications Operations (PCO) Secretary Herminio “Sonny” Coloma said on Saturday over governmentrun radio station DZRB.

Coloma said President Aquino met earlier this week with officials of German multinational firm Deutsche Bank, which has a positive outlook on the Philippine economy, adding that its officials had even been urging other foreign investors to invest in the country.

“Hindi sila nangangamba, bagkus, sila ay panatag at nananalig na uunlad pa, lalakas pa ang ating ekonomiya at handa sila magdagdag ng investments,” said Coloma. [“They don’t see any threat to the Philippine economy. In fact, they are confident and optimistic that our economy will continue to surge and they will be pouring in more investments.”]

President Aquino said he is optimistic on the country’s growing economy despite the effects of the Manila bus hostage crisis on the economy, particularly the tourism industry.

Aquino and Finance Secretary Cesar Purisima met with the multinational bank’s officials, led by Deutsche Bank AG Singapore managing director and Asia Pacific head of the Corporate and Investment Bank Loh Boon Chye last week.

Deutsche Bank AG Manila managing director and Global Markets head Enrico Cruz, Deutsche Knowledge Services CEO Chris Sullivan, Asset Management head Manuel Malabanan, and Asset Management chief investment officer Frederico Ocampo were also in the meeting.

The Deutsche Bank Group in the Philippines employs over 1,700 staff members in the country.

Malacañang, meanwhile, remains optimistic that the 2011 budget will be approved before the end of the year.

Coloma said that the executive branch stands ready to discuss the 2011 budget with Congress to ensure that an acceptable and reasonable 2011 budget is passed before the end of the year.

He said budget hearings may be held starting next month.

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