Gains need time to reach poor – Palace

MANILA, Philippines – Malacañang conceded yesterday it would take time for any economic gains to trickle down the poor but stressed stop gap measures like the conditional cash transfer program and transport subsidy had been put in place to ensure the public could cope with higher prices of commodities and fuel.

Deputy presidential spokesperson Abigail Valte said the stock market’s good performance was cited by President Aquino as a reflection of the country’s better investment climate despite the developments abroad affecting economies because it “also reacts to movements in the political landscape.”

She said improving market performance “is also indicative of the environment that it is in” and thus could not be entirely separated from local political developments.

“What is the impact on our economy?  Based on our discussions with the investors in the country, 60 percent of stock market investments are made up by local investors. So if  the (Philippine Stock Exchange Index) reaches record-highs, it’s an indicator of the confidence of the local businessmen in our administration,”  Valte said over dzRB.

“It also shows that many more are investing because they see the reforms and the levelling of playing field for everyone as promised by the President,” Valte said.

Budget and Management Secretary Florencio Abad Jr. and Presidential Communications Development and Strategic Planning Secretary Ricky Carandang had explained earlier the administration was striving for good governance as the economy would truly expand through investments that would create jobs and provide better social services for the people. –Aurea Calica (The Philippine Star)