Citing a business process outsourcing (BPO) industry that “continues to boom” and a tourism industry that is “way up”, President Arroyo reiterated her confidence of the Philippines being well on its way to economic recovery.
“Overall, I am quite bullish about our prospects for solid recovery,” said the President at the closing ceremonies of the Mindanao Island Cluster Conference of the League of Municiplaites of the Philippines at the Clark Free Port Zone in Pampanga.
“Our manufacturing sector that slowed down during the recession is picking up again. New construction continues unabated. If you pass through metro Manila, you will see a lot of construction cranes. Our hotels are full of businessmen from around the world,” the President said.
The Philippines has recorded a 1.5 percent growth during the second quarter which exceeded expectations and further strengthened the government's confidence in attaining its 0.8 to 1.8 percent growth for the year.