WB Backs RP Economic Management

Article excerpt

Byline: EDU H. LOPEZ

The World Bank has expressed full support for the economic management of the Philippine government.

In a meeting with Finance Secretary Margarito Teves yesterday, WB Senior Vice President and Chief Economist Francois Bourguignon said: "The success of fiscal reform, coupled with the positive international environment, creates a window of opportunity for the Philippines to raise investments, and thus, employment and income, through policies for a better investment climate."

Bourguignon rged local investors to take advantage of the current positive economic environment and improving macro-economic situation of the country.

The visiting WB senior vice president stressed that the Philippines' macro-economic condition is very encouraging after the economic crisis in 1997 and several years of political instability.

The Philippines is within the growth region and should take advantage of the global economic growth. "Investors must seize this opportunity and it is possible that the Philippines could catch up with its Asean neighbors."

The situation in the Philippines has improved enormously as Bourguignon sees a very dynamic entrepreneurship sector.

Developing countries would be able to achieve higher growth and faster reduction of poverty if equity and fairness become central elements of a development strategy, said Bourguignon.

To sustain economic growth and be able to reap the benefits of global growth, the WB official said the Philippines should ensure a favorable investment climate, access to markets, available human capital and unprotected industries.

He noted that competition would encourage positive investment climate, productivity and efficiency. …