Palace Cites Sound Economic Management for Industrial Growth

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A Palace official has cited the administration’s sound economic management that propelled growth in remittances, foreign capital, and business process outsourcing (BPO), tourism, and export earning.“We credit sustained growth in remittances, foreign capital, and BPO, tourism and export earnings — all helped by sound economic management,” deputy presidential spokesman Gary Olivar said.A “robust digital infrastructure” as well as a “flourishing cyber sector” will be among the legacies that will be inherited by President Arroyo’s successor when her term ends in June this year, he said.Olivar said that the BPO and the information and communications technology (ICT) sectors have been among the frontrunners of the country’s economic growth during the term of President Arroyo, and which will benefit her successor, particularly in creating an upscale direction in terms of human resources and economic development.“The President does not claim sole credit for the success of the BPO sector. She has always mentioned the baseline number of 2,000 call center employees when she assumed office. What is indisputable is the phenomenal growth from 2,000 to half a million BPO employees on her watch,” Olivar said.“Every presidency inherits the legacy of its predecessor, and what President Arroyo’s successor will inherit from her is a robust digital infrastructure and a flourishing cyber sector on which may continue to be built as the sunshine industries of the future,” he added.Deputy presidential spokesman Ricardo Saludo said that aside from the BPO industry, which is pegged at $7 billion a year, another legacy of President Arroyo is her record on international reserves, which is now at $45 billion, citing that the President was able to boost the peso at P46 per $1. …