Noli backs PSE thrust to attract OFW inflows
Vice President Noli De Castro has expressed support for the Philippine Stock Exchange’s effort to tap the remittances of overseas Filipino workers (OFWs) for investments in the capital market. “In fact, I can start promoting this when I go to
He lauded the OFWs for keeping the money flowing into the country even if there are uncertainties in the global job markets.
De Castro agreed with the PSE’s predictions that the economy would be bullish in 2008, especially if the government would sustain its economic reform program.
The Vice President is confident that the good economic performance of the country in 2007 would play a major role in sustaining the ‘bullrun’ this year.
“2007 was generally a good year for many of us. The economy remained resilient despite numerous shocks from abroad,” he added.
He noted that the stock market continued to rise despite the most unexpected political events in and out of the country.
“The real challenge is to carry on our economic reform program and keep ourselves from backsliding,” he said.
He noted that the revenue performance of the government should be sustained.
While the Department of Finance (DoF) reported a budget surplus of P12.6 billion from January to November last year, De Castro said the government should work on higher tax collection.
“Were it not for non-tax revenues, the over-all budget position would have been precarious,” he said.
He proposed that the government be allowed to earn more by collecting better and correctly from the proper sectors.
The Vice President called for a review of the infrastructure program in the mega regions and elimination of the obstacles to their speedy implementation.
He also stressed the need to address issues related to the energy sector and encouraged entrepreneurship to create more jobs.
De Castro lauded the initiative of the PSE and the
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