From a report by Bernie Cahiles on the Manila Bulletin
Businessmen expect the domestic economy to post 7 percent GDP growth this year if all the government projects and reforms get implemented.
Atty. Miguel Varela, president of the Philippine Chamber of Commerce and Industry (PCCI), said this as noted that economic indicators in the first months of the year point to a good first quarter growth.
“All indicators like exports, FDI inflows, fiscal deficit, consumer senti¬ment all point to a good first quarter results,” Varela said.
The government, however, has yet to release the first quarter results, but Varela was confident the economy grew between 5 to 6 percent in the first three months of the year.
He said the good governance policy of the Aquino administration boils down to the overall confidence of the busi¬ness community.
“All of these show that our projection of 5 percent will be surpassed. All these economic indicators will continue if the all the transformations and projects of the government are implemented. We can grow a maximum of 7 percent this year,” Varela said.
A 7 percent GDP, he said, would be huge enough to trickle down to the poor Filipinos and uplift them from poverty.
He, however, said that failure to implement the government’s major economic booster, particu¬larly the much-vaunted Public Pri¬vate Partnership program would spell doom for the economy.
The implementation of the ma¬jor infrastructure projects would boost the domestic economy and help the country attract more foreign investors, he said.
Varela further said that the upbeat economy is a result of the good governance policy of the Aquino administration and the peace and or¬der situation that usher in the overall confidence of the business community.