Good news, bad news, and People Power

Good news, bad news, and People Power

by UA&P News Desk on February 7, 2011 - 3:29 pm

From Philippine Star, Filipino World View by Roberto R. Romulo

Good news and bad news came in equal doses as January 2011 came to a close and February began.

The good and cheering news is that the economy in 2010 continued its upward climb, maintaining the redoubtable record of over 40 quarters of GDP growth.

According to the National Statistical Coordination Board (NSCB), the economy in 2010 recorded its highest annual growth since the fall of the Marcos administration, surging by 7.3 percent on the back of a global economic recovery and despite the El Niño and diminished government spending during the second semester. In the fourth quarter, the economy grew by 7.1 percent, exceeding the third quarter growth of 6.3 percent.

According to Dr. Bernardo Villegas of the University of Asia and the Pacific (UA&P), the economy is now taking off. He projects OFW remittances to breach the $20-billion mark this year. Investment-led growth is getting support from the foreign investment community.

This news about the economy is clearly the most cheering development in the country in 2010, exceeded only by the successful holding of national elections last May and the accession to the Presidency of a leader with a strong mandate from the people.

Equally noteworthy is the very positive reaction of the business community of the reappointment of Governor Say Tetangco to the BSP. He, together with Cesar Purisima of finance and Greg Domingo of trade, provides a competent and credible economic team both for the domestic and international community.

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