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ARROYO SAYS ECONOMIC GROWTH TARGET FOR 2006 WELL WITHIN REACH.
MANILA, Sept 1 Asia Pulse - With the peso continuing to strengthen against the US dollar, and the stock market on an upswing amid easing political tensions in the country, Philippine President Gloria Macapagal-Arroyo expressed confidence Thursday that the government will attain its economic growth target for this year.
During a roundtable discussion in Philippine Presidential Palace Malacanang, the President said that despite the external challenges the country faces, notably the rising prices of oil in the global market, increased regional competition and the threat of worldwide terrorism, the 5.5 to 6.1 per cent economic growth target for 2006 is well "within reach."
The National Economic and Development Authority (NEDA) said earlier the country's economic growth target in the second quarter of 2006 would range from 5.3 to 5.8 per cent of the gross domestic product (GDP), compared with the first quarter growth of 5.1 per cent.
"Because we see no immediate end to external challenges, we are calling on the people to sustain the momentum of enterprise and productivity, and focus on poverty alleviation, peace-building and law and order," she said.
She added that "faith in the Filipino will bring our most fervent hopes within reach if we would just work together as one nation." Before the roundtable discussion started, the President announced that the peso hit its highest level in four years at intra day trading, breaching the P50.88 resistance level to P50.80 against the US dollar.
It was the best performance of the peso against the greenback since July 2002.
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Source: HighBeam Research, ARROYO SAYS ECONOMIC GROWTH TARGET FOR 2006 WELL WITHIN REACH.