Economy

Statement of the President: On economic growth in the 1st quarter of 2007

I am pleased to announce that the economy has shown rather strong growth in the first quarter of 2007. Gross domestic product or GDP grew by 6.9 percent, while gross national product or GNP grew by 6.6 percent. This is a great sign that we will meet our GDP growth target of 6.1 to 6.7 percent for 2007.
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The government said today that the Philippine economy grew by an impressive 6.9 percent in the first quarter of 2007, surpassing the forecast of between 5.3 and 6.1 percent. The services sector proved crucial for this growth, growing at 9.1 percent. "The Philippines is on a roll," President Gloria Macapagal-Arroyo said this morning in Australia.

MANILA — The government is ready to implement its old but effective measures to avert the domino impact on the domestic fuel prices of oil price increases in the global market.

Executive Secretary Eduardo Ermita said in his weekly press briefing in Malacanang this afternoon that this is in response to the plan of multinational oil companies to impose a series of oil price hikes in the next few weeks.
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