Philippine Government Maintains Positive Outlook for 2005

Strategic Insights -

Malacanang, the Philippine Presidential Palace, is confidently looking forward to the new year, despite concerns about the country's ability to tackle its problems. According to Press Secretary and Presidential Spokesman Ignacio Bunye, several recent developments have boosted the government's confidence that conditions in the country will improve in 2005, which President Gloria Macapagal Arroyo has described as the year of urgent change.

Key Takeaways:

  • The Philippine government is expecting an improvement in the country's economic conditions in 2005, with President Gloria Macapagal Arroyo describing it as the year of urgent change.
  • The government is confident about the implementation of its tax reform package, which includes the sin tax bill that passed in Congress, aiming to raise fresh revenues of P80 billion (US$1.4 billion).
  • Special sessions in Congress from January 5 to 7 will help speed up deliberations on the government's priority tax measures.
  • The Supreme Court's decision favoring mining activities in the Philippines is considered a positive indicator, as the country has the world's fifth biggest deposit of mineral resources.
  • The government plans to open the Ninoy Aquino International Airport Terminal 3 in June 2005, demonstrating its commitment to implementing measures that will move the country forward.
  • The administration is working towards achieving a balanced national budget and six to ten million jobs nationwide by the end of President Arroyo's term.
  • Developing the country's transportation network is a key strategy to disperse and balance development throughout the archipelago.
  • Mining is considered an economy-boosting industry, accounting for about 40% of Chile's gross national product, and the government plans to harness the country's mineral resources to generate revenue.

Statistics:

  • P80 billion (US$1.4 billion) expected revenue from the tax reform package.
  • 40% of Chile's gross national product from mining activities.
  • World's fifth biggest deposit of mineral resources in the Philippines.
  • 1527 (newscast release time).
  • 03-01 (newscast release date).
  • P80 billion (fresh revenues).
  • 6-10 million (jobs nationwide by the end of President Arroyo's term).

Sources:

  • Philippine News Agency (PNA)
  • Malacanang, the Philippine Presidential Palace
  • Press Secretary and Presidential Spokesman Ignacio Bunye
  • President Gloria Macapagal Arroyo
  • Congress of the Philippines
  • Supreme Court of the Philippines
  • Government economic managers