Government, private sector tackle risks, opportunities in eco briefing

MANILA, Philippines -  Risks and opportunities to domestic growth will be discussed by the government and the private sector in an annual briefing scheduled today, an official said.

Themed “Good Governance is Good Economics”, this year’s mid-year economic briefing will be held at the Philippine International Convention Center in Pasay City with an expected 500 attendees from both the public and private sectors, central bank’s investor relations chief Claro Fernandez said over the weekend.

“We expect the dialogue between the Republic and its stakeholders to focus on opportunities and risks facing us now. These inputs from the government will help the private sector in planning ahead,” Fernandez said in an e-mail.

The government holds two economic briefings every year, one on September and another on January and February the following year. Over the past two years, the Aquino administration has highlighted its good governance agenda in a bid to lure investors and boost growth.

In attendance at today’s briefing are the economic managers, led by Finance Secretary Cesar Purisima and Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr.

“Our aim is to brief our stakeholders in the economy and update them of the performance of the various sectors in detail. And, more importantly, give them an idea of what the team sees in the horizon,” Fernandez said.

“Clearly, the country is in the right direction. The (Philippines) sustained its strong positive momentum in the first half,” he added.

Economic growth hit 5.9 percent in the second quarter, bringing first semester growth to 6.1 percent, slightly faster than the government’s five- to six-percent target for the year.

But risks remain and the government, acknowledging the possible impact of the prevailing debt crisis in Europe and sluggish growth in the United States to the local economy, has said it will not revise its growth goals for the year.

Fernandez said the briefing will be broadcast live through the website of the BSP’s investor relations office, www.iro.ph. Comments and suggestions will also be solicited from attendees.

“We want to improve the flow of information between the BSP and the economic team on the one hand, and our stake holders and the business community on the other. It will be a great opportunity for the team to get feedback,” he explained.