Press Release
January 14, 2011


Following a published review of the country's 2010 economic performance, Senator Edgardo J. Angara expressed his optimism for the Philippine economy in the new year, anchored on foreign investments and Public-Private Partnerships (PPPs).

"Last year, we saw a steady growth in our economy despite the slow recovery of other, more advanced countries from the recession. This is a good indicator of its strength and stability," he commented.

The Bangko Sentral ng Pilipinas (BSP) recently announced that the Philippine economy fared better than anyone expected in the previous year. The economy registered a growth rate of about 7 percent, significantly higher than the government's optimistic target of 5-6 percent. An acceptable inflation rate of 3.8 percent, which is in the lower quadrant of the the BSP's projections.

"This kind of statistics invite big-ticket foreign investments that we need to keep the momentum of the Philippine economy. We should now focus on creating viable development projects for 2011, so that we can prove that our economy is capable of handling their capital," said Angara.

According to Angara, vice-chair of the Senate Finance Committee, public-private partnerships or PPPs hold a bright future for the Philippine economy.

"Another way to show the world that the Philippines is a prime investment option is by strengthening the private-public partnerships between government and private institutions to improve the infrastructure and development efforts throughout the country. This, I believe is an important step in restoring the former glory of our nation's economy," asserted Angara.

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