Rapid growth seen for PHL

THE Philippine economy is poised for sustained and rapid inclusive growth with a trusted, credible and committed political leadership under President Aquino, an official of the Department of Trade and Industry (DTI) said.

Substantial reforms in government and institutions are well under way and will further deepen, strengthening the country’s overall competitiveness, Trade Undersecretary Adrian Cristobal Jr. added.

Cristobal, chairman of the Philippine Committee on WTO Matters, made the remarks in a report to the WTO Trade Policy Review (TPR) of the Philippines in Geneva, Switzerland, recently.

In the report, he said the Philippines would continue to pursue open and fair trade.

Market and product diversification, fostering innovation to move up the value chain, access to business opportunities and financing for small and medium industries, and trade advocacy and education campaigns about free-trade agreements will continue to be priorities, Cristobal added.

The TPR session on the Philippines provided members with overall picture of measures that made the country resilient against economic uncertainties.

Cristobal said the country’s agreements will continue to be priorities, Cristobal added.

The TPR session on the Philippines provided members with overall picture of measures that made the country resilient against economic uncertainties.

Cristobal said the country’s reforms did not come easy.

Hard disciplines, according to him, were imposed, cushioning the economy from adverse effects of powerful external shocks, while strengthening the country’s stability.

During the review period, the Philippine economy maintained a steady growth amid the global economic crises, oil-price shocks and natural disasters, Cristrobal said.

The country’s full potential could be realized through further reform efforts to improve infrastructure, the business environment and the tourism industry, he added.

“While the resilient Philippine economy registered steady, continuous and respectable growth in the past, this growth was not sufficient to eradicate poverty. External shocks and domestic political and governance issues made rendered high and equitable growth elusive,” Cristobal said.

He added that that the chronic problems that have plagued the Philippines are a thing of the past.

The President’s economic team foresees high and continuous economic growth of 7 percent to 8 percent in the coming years. (Jonathan L. Mayuga, Businessmirro)