Arroyo vows more investments to boost Philippines’s global competitiveness

May. 09, 2007

JAGNA, Bohol, Philippines — President Gloria Macapagal-Arroyo vowed today that her administration would increase its investments in human and physical infrastructure in a move to sustain the countrys economic gains and further boost its global competitiveness.

In her brief message after she inaugurated the P 60.4-million Jagna Port Expansion Project and the P1.8-billion Bohol Circumferential Road Improvement Project (BCRIP) Phase 2, the President said the government could now invest more on infrastructure projects with the availability of new revenues as a result of the tough economic and fiscal reforms she implemented.

“As part of that effort, we are committed to consolidating the gains in new revenues by making long overdue investments in human and physical infrastructure,” the President said.

“These include billions of pesos for education, healthcare and training, along with additional billions of pesos for new bridges, roadsto upgrade the competitiveness of the Philippines,” she stressed.

The President explained that the tough economic and fiscal reforms implemented by her administration also resulted to the Philippine economy “finally breaking loose from its historic legacy of lethargy.”

She said the increased revenues, realized through better tax collection measures, including cracking down on tax cheats together with fiscal discipline, had put the Philippines “on a path to sustainable economic growth and stability.”

The President also said that the sound fiscal position of the country continues to attract foreign investors to pour their money into the Philippines.

“The world is taking notice. The Philippines offers one of the best values in Asia for domestic and foreign investors and Bohol is one of the favorites of investors in tourism,” she said.

“We are working so that this positive momentum will be sustained. We are committed to making sure we use the new resources these developments are generating to invest in vital social and economic needs,” the President added.

The World Bank and the Asian Development Bank have advised that for the Philippines to be globally competitive, the government must invest more in needed vital infrastructure facilities.

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