Economy continues momentum despite uncontrolled factors NEDA

PIA Press Release 2007/12/06

Economy continues momentum despite uncontrolled factors NEDA

by ES Subong

Iloilo City (6 December) -- Economic Development Specialist Atty. Raul Anlocotan said the economy in the region, and of the country in general is sustaining its momentum of growth, despite some world forces which are beyond the control of the Arroyo government.

Anlocotan said Western Visayas, as part of the Central Philippines super region development scheme, has been in the forefront of tourism development as it continues to attract tourists all seasons of the year.

He added that the presence of three airports in Kalibo Aklan, the Sta.Barbara-Cabatuan Iloilo Airport and the soon-to-be fully operational Bacolod-Silay airport has contributed much to the gain in tourists and visitors.

Anlocotan also said that with good peace and order situation, and massive infrastructures, the economy in the region has a positive growth forecast.

He added, however, that the impact of the region's and that of the country's upbeat economy can be hardly felt as of now because of the continued weakness of the US economy and the volatile oil prices which pose downside risks and uncertainties.

Anlocotan said this could be felt in the long run, as the government continues with healthy interventions, backed up by strong domestic demand, and a strong investment spending amidst brisk pace of business.

Meanwhile, the Department of finance (DOF) noted the Philippines will most likely meet its targeted budget deficit of 63 billion pesos this year with Bureau of customs exceeding its revenue target of 20.3 billion pesos in November. (PIA 6) - Timeline 2007