City hosts economic briefing
The government's senior economic members are here today (March 5) to present the government's plans and programs to sustain and strengthen economic growth for this year. Economic outlook for Western Visayas will also be discussed.
However, Renato Pizarro, executive director of the Investor Relations Office (IRO) of the Philippine government, did not name the members of the Economic Team
The briefing to be facilitated by the Bangko Sentral ng Pilipinas will be held at the Iloilo Business Hotel.
In the recent assessment made by the Executive Board of the International Monetary Fund (IMF), it said there is an “impressive fiscal reforms in an environment of sustained growth and declining inflation have strengthened market confidence in the Philippines.”
The same assessment report which was made January of 2007 said the key challenge for the Philippine authorities in going forward is to sustain the reform momentum. This will help maintain the confidence of markets and insure against market volatility.
In 2007, economic growth is expected to increase to 5.8 percent. It could be higher over the medium term on the back additional reforms boost investor confidence and investment, the IMF assessment report said.
The IMF also viewed the full implementation of the VAT reform last year to have broaden the national government's adjustment effort to the revenue side and tax administration. It ensures that collections have risen as programmed.
The same assessment said remittances have continued to grow strongly and the balance of payments received additional support in the second half of 2006 from weaker oil prices.