GDP growth credited to strength of democracy

Malacañang hailed yesterday the 6.4 percent growth in the country’s gross domestic product (GDP) for the first quarter of the year.

"The economic growth of the country posted for the first three months of the year demonstrated not only the enterprising spirit of the Filipino, but the strength of democracy to inspire economic confidence," Presidential spokesman Ignacio Bunye said in a statement from Malacañang yesterday.

"To be sure, the elections will prove to be another springboard for growth, especially once the canvass is finished and the path forward is cleared of residual anxieties and concerns."

Speaking over state-run Radyo ng Bayan, Bunye said the country achieved the 6.4 percent rise in GDP largely due to growth in agriculture and domestic consumption.

"This goes to prove that the economic policies of our government led by President Gloria were in the right direction, and there is a need to continue these policies," he said.

"And these kinds of figures give added confidence not only to our local investors, but also to our potential foreign investors abroad."

Bunye said the increase in agricultural production was a result of Mrs. Arroyo’s support for the Agriculture and Fishery Modernization Act.

"There is a whole package of assistance for our farmers from fertilizers (to) pesticides, as well as those who are engaged in ‘Gloria’ (high breed) rice cultivation. They have subsidy for their seeds and they have assured farm gate prices as additional incentives for (them) to participate in ‘Gloria’ rice production."

Bunye said P20 billion has also been allocated for various government projects for agriculture like irrigation systems, farm-to-market roads, post-harvest facilities, and other infrastructure.

"We would continue with these things because we have seen that agriculture really was a big boost to our economic growth," he said.

Bunye said he hopes that the economic growth would be sustained for the rest of the year after Congress has proclaimed the next president and vice president.

"Our new found political stability, combined with the indomitable will of our people would continue to inspire growth and bring in more jobs for the Filipino people," he said.

The GDP growth would translate to improved living conditions for many Filipinos, Bunye added.

Davao City Rep. Vincent Garcia and Bacolod City Rep. Monico Puentevella said the competent handling by Mrs. Arroyo of the country’s economic growth justifies her bid for a fresh six-year mandate.

"The GDP achieved by the government surpassed the 4.8 percent mark last year and the economists’ forecast of growth between 4.3 and 5.5 percent," Garcia said. "The President and her economic team deserved praise for skillfully and ably exceeding these marks."

"The government has been through tough times with the constant threats of destabilization, the clamor for wage increase, peace and order problems, rising oil prices in the world market, but it will overcome all those issues under the competent leadership of the President." — Marichu Villanueva