By Renee F. De Guzman

SAN FERNANDO CITY, LA UNION (1 September) — The Philippines is breaking the psychological thresholds in the market as positive key economic indicators’ bullish performance continue to pick up fastracking the country’s economic takeoff.

Our financial status is rapidly moving towards stability despite the many challenges we face – the rising prices of oil and interest rates, the competition in the region, the global threat of terrorism and the impeachment issue.

Based on the report of the National Economic and Development Authority (NEDA), our economy has achieved significant growth as affirmed by the positive indicators.

The economy grew solid 5.5 percent in the second quarter on a pick up in agriculture and a strong service sector.

Government’s borrowing from domestic and foreign sources is down in January-July compared to the same period last year as finances improve.

The continuing rally of the peso boosted largely by portfolio investments, bigger dollar inflows from overseas workers and positive investors’ sentiments contributes to the manageability of the fuel prices and savings in debt servicing, effectively cutting our deficit.

The country’s easing political tension also spur renewed interest of foreign firms in the country’s power sector.

As the country continues to improve its fiscal position and overall economic projection it also regained positive international outlook as evidenced by rating upgrades and infusion of grants and aid from donor countries i.e. USAID commitment to grant $70 million for Mindanao.

The National Statistical Coordination Board estimated that the total GDP reached P2.823 trillion in the first half, and the total GNP totaled P3.094 trillion.

Real economic growth as measured by per-capita GNP increased by 4.4 percent. These figures were based on a population of 86.54 million this year.

Undeniably, the country has experienced unprecedented economic growth for 22 consecutive quarters under the Arroyo administration.

However, these economic gains has yet to trickle down to Juan de la Cruz.

To fastrack Philippine development so that the Filipinos will start harvesting the fruits of the economy soon enough PGMA bared in her SONA a blueprint calculated to increase food production, improve competitiveness, modernize infrastructure to facilitate trade and mobility by people.

To sustain the momentum of enterprise and productivity, Congress should do its job of passing immediately this year’s supplemental budget and the national budget for 2007 including the priority bills as all sectors of society and government institutions are encouraged to unite for a new consensus of nation building.

Only then, when Filipinos are starting to harvest the fruits of the economy through better paying jobs, improved delivery of basic services and improved living conditions that we can overcome the tag as “sick man of Asia.” (PIA La Union)

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