Press Release
January 31, 2011


Senator Edgardo J. Angara urged the government to strive for a stronger Philippine economy in 2011, following the reports on the much-improved status of the country's finances due to strong growth rates in 2011.

"These kind of figures are very heartening. The best thing now is to keep the momentum we gained from last year's unexpected economic growth and channel it into other sectors that need attention," he stated.

The National Statistical Coordination Board (NSCB) today announced the overall Gross Domestic Product growth rate for the previous year at 7.3%--the highest since the Martial Law era. A combination of factors from the elections to the subsequent show of trust in the new administration were said to be behind this huge boost, well above the conservative 5-6% estimate of the government for the fourth quarter of 2010.

Angara, vice-chair of the Senate Committee on Finance, said that the government should also capitalize on other revenue-earning industries this year.

"I think we should, for example, increase the efforts into making our country more attractive to tourists, especially to the oft-overlooked cultural places in the Philippines which saw an increase in traffic late last year. And not just foreign tourists--a lot of Filipinos are now very interested in exploring our own country.

I believe the export-based industries would also be a significant contributor in our nation's economy, as they usually post a high profit margin, aside from being good providers of employment in the rural areas," he said.

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