Economic prospects bright, says Villar

Former Speaker Manny Villar expressed optimism yesterday that the country will be able to stage an economic rebound under the leadership of the new administration of President Gloria Macapagal-Arroyo.

"I am sure that will the restoration of political normalcy, investors will again be looking to set up base in our country," he said "Once this happens, we expect the economy to recover and for more jobs to be made available to the masses," added the Las Piñas solon.

The country’s major business groups have vowed to support the new administration’s efforts to revive the economy. Among those that pledged their support are the Philippine Chamber of Commerce and Industry (PCCI), Filipino Chinese Chamber of Commerce and Industry (FCCCI) Employers Confederation of the Philippines (ECOP), Japan Chamber of Commerce, and American Chamber of Commerce of the Philippines.

In another favorable economic development Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said the US-based rating agency Standard & Poor may upgrade the rating of the country’s banks from the present "negative" status, to "favorable."

"Signals are very encouraging so we must all have a positive attitude. The support of all sectors is crucial in the new administration’s efforts to move the economy forward," said Villar, as he stressed the need to create jobs in order to improve the lives of Filipinos.

Under Villar’s leadership as Speaker, the House passed vital economic bills to help revive the economy. This includes the Omnibus Investments Act as well as other similar bills that give added incentives to foreign investors. The measures aim to attract investments in order to create domestic employment opportunities.

Villar stressed that development must not be confined only to metropolitan areas but must also be made to reach even the remotest countryside areas.

"No one should be left behind as we collectively work to move the economy forward so we must all work together in supporting the new administration’s core thrusts," he added.