Purisima: Good governance set off a virtuous cycle towards inclusive and sustainable growth
The Board of Directors of Millennium Challenge Corporation (MCC), an independent agency of the U.S. government, at its quarterly meeting in Washington, D.C., announced the country’s eligibility to develop a proposal for a new compact with MCC.
“Economic growth rates offer a picture of a country’s trajectory, and growth is rarely a straight line. The Philippines under President Aquino’s leadership has consistently shown that we have changed our economic growth story to an upward and positive trajectory. The third quarter GDP growth of 5.3% puts the Philippine economy on a record of 11 straight quarters of above 5% growth and among the fastest growing economies in Asia, reflecting increasing resiliency as government seeks to improve spending and buttress against the effects of climate change and disasters. This makes for 63 straight quarters of positive growth since the 1997 Asian financial crisis, and is in keeping with the 6% average quarterly growth rate in the Aquino administration.
Read MoreStreet vendors wait for customers on an overpass in Manila, the Philippines. Consumer prices rose 4.9 percent in July from a year earlier, the fastest pace since October 2011.
Read MoreAt a meeting of the government’s cabinet officials to prioritize the cabinet’s legislative proposals, Finance Secretary Cesar Purisima put forward a list of proposed bills to answer key economic concerns of both the government and private sector. The meeting will result in a list of measures which the executive branch will propose for legislative action at the start of the 16th Congress on July 22, coinciding with President Benigno S. Aquino III’s State of the Nation Address.
Read MoreFinance chief calls out to biz franchisees to pay correct taxes
“We are pleased to find out that Moody’s Investors Service, after much deliberation, has raised the Philippines to an investment grade rating, with a positive outlook. The Philippines’ sound fiscal and monetary policy have been validated yet again, proof that President Aquino’s goal to restore confidence in the Philippines and revitalize the economy has been a success.
Read More“We welcome the third quarter GDP figures showing broad-based growth across all sectors, going beyond market expectations and placing us above most of our ASEAN peers. Coupled with the multiple records set recently in our capital markets, the Q3 GDP figures show that investor and consumer confidence in the Philippines is definitely on an upward momentum.
Read More“The unprecedented second consecutive 10-notch jump of the Philippines in the WEF Competitiveness Rankings is once again a major dividend from the good governance reforms of President Aquino.
Read More“Despite the deceleration of global growth, and with the backdrop of increasing uncertainty in the US and in the Eurozone, our second quarter growth was at a respectable 5.9%, beating market expectations and placing us at the upper end of our full year forecast. This brings our first semester growth to 6.1%, well beyond the 4.7% average gdp growth of the country in the last decade.
Read MoreManila, Philippines – Officials of the Democratic Socialist Republic of Sri Lanka visited the Philippines on July 8 to 13 to study the country’s land administration and management system, including the property valuation and taxation, intending to learn from the Philippines’ successful experience under the Second Land Administration and Management Project (LAMP2) of the Department of Environment and Natural Resources (DENR), and the Department of Finance (DOF).
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