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P R E S S S T A T E M E N T |
STATEMENT OF THE CABINET SECRETARY
THE PHILIPPINES IS MOVING FORWARD WITH REFORM, GROWTH AND STABILITY
As the Philippine peso strengthens and the economy and investors respond positively to our fiscal reforms, the Philippine government is reaching out to our compatriots abroad to deliver the message of unrelenting reform, unbroken growth, and undiminished stability.
Successful efforts to reduce the budget deficit, now 26% or P40 billion below the programmed ceiling, have insulated the economy from the political noise of the past year. With the government borrowing less to cover its shortfall, interest rates are coming down, the peso has become the strongest currency in Asia, and foreign investment has jumped more than 10-fold to over $2.5 billion as of October this year.
Further gains are expected with the implementation of the reformed value added tax, and the expected upgrade in outlook for the Philippines' credit ratings in the months ahead. In addition, the decline of political unrest, as shown by falling protest attendance and the call of more and more sectors for an end to excessive politicking, will further boost investor confidence.
We hope the Filipino communities abroad will add their voice to the message of reform, growth and stability we bring today. It will boost not only confidence in the country, but also our agenda for jobs, peace and prosperity for all Filipinos.
Thank you.
RICARDO L. SALUDO