Teves: Improved economy not being felt by the poor

SANTIAGO CITY, Philippines – Finance Secretary Margarito Teves sees the growing population of Filipinos as one reason why benefits from the country’s economic upswing have not trickled down to the poor.

Speaking to The STAR, Teves said the country’s economic state can be likened to a family where lack of funds prevents the breadwinner from buying household necessities.

“Despite all this we had done our best to find additional sources of funds to help alleviate our economic situation,” he said.

Teves said the rise in population has resulted in smaller slices of the economic pie being distributed.

The country was also recovering from the worldwide financial crisis, he added.

Teves said investments will return once external economic factors like the world economy return to normal.

“Naturally, foreign businessmen want to be secure in their investments because they have to preserve their resources,” he said.

“Once we have weathered this financial crisis, we expect them to be back again.”

Based on last year’s survey, the Philippine population is now nearing 100 million, with an annual increase of almost six percent per annum.

Teves was in Santiago last Friday to grace the convention of the Regional Association of Treasurers and Assessors of Cagayan Valley at the Catholic Church run-University of La Sallete. –Charlie Lagasca (The Philippine Star)