PHILIPPINES
ON THE ROAD TO ECONOMIC And SOCIAL Regeneration
Inspirational leadership and a fiercely determined Administration have unleashed the potential of Asia's rising tiger
to generate a roaring economy based on confidence and stability with surging realty, BPO, tourism and financial sectors…
President Gloria Macapagal-Arroyo was in an especially good mood and she had every reason to be so. During her six years as president, the country has recorded continuous economic growth and her highly regarded economic team has made great strides in restoring macroeconomic stability and the confidence of foreign investors.
"The Philippine money market remains firm. Exports and imports are up, inflation is weak and our stock market has surged to record highs. We need to stay the course, with the national leadership stewarding good governance, equitable revenue programs, a strong fight against corruption and a permanent campaign for social justice," Ms. Arroyo told the 32nd Philippine Business Conference last year.
Besides her successful handling of difficult challenges to economic recovery, last year Ms. Arroyo also emerged victorious from a broad and powerful conspiracy that tried to unseat her. Months later she delivered an inspirational State of the Nation Address that was interrupted by applause some 170 times, a clear sign of continued support for her leadership.
The National Economic and Development Authority (NEDA), the state-mandated social and economic development planning and policy coordinating body, ensures the president's development goals are implemented. Ms. Arroyo has pledged to complete a ten-point economic development plan before the end of her term in 2010. Key to the plan is a $20-billion investment in major infrastructure improvements, including 17 major airports, six seaports, 13 principal roads and an extensive rail network.
According to NEDA's Director-General and Secretary of Socioeconomic Planning, Romulo L. Neri, the plan is way ahead of schedule. "We are in a much better position than we anticipated because we were able to turn around the performance of many of our large government corporations from a loss to a profit situation. Regarding infrastructure, one priority is to connect Metro Manila with Clark and Subic in the north, and the Calabarzon Industrial Plant in the south" says Mr. Neri.
The excess liquidity gained through economic reforms has enabled the government to make headway in addressing social inequity and economic disparity. According to Cabinet Secretary Ricardo L. Saludo, poor Filipinos have been benefiting from the six years of unbroken economic expansion under the Arroyo Administration. "In a survey last September, self rated poverty (SRP) fell eight percentage points nationwide, helped no doubt by the economy's continuing expansion. And average SRP under President Arroyo from 2001 through 2006 is the lowest among presidents in the past two decades."