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VICE-PRESIDENT Noli de Castro on Thursday called of Filipinos in the
United States “to keep the money flowing” into the country so
that the success of the Philippine economy will be sustained and
with our concerted effort the Philippines would become the next
success story in Asia.
Speaking before members of the various sectors
comprising the Philippine community in Washington, D.C., de Castro
said investments from overseas Filipino workers and those with dual
citizenship were vital in the country’s bid to prosper.
He said the Philippines is in the right course
toward development, but the effort has to be supported by a
controlled budget deficit, increased tax collection and the revival
of investors’ confidence.
“As a result, interest rates are going down.
The exchange rate is also improving—and stronger than ever. The
healthier business climate, supported by inflows from overseas
Filipinos like you, has created a sustained appreciation in the
peso. Inflation, too, is under control,” he added.
The Vice-President said the government was ready
to launch a major infrastructure program in the next few years.
“These are directed toward the competitive
advantage of our super-regions: agriculture in North Luzon and
Mindanao, tourism in Central Philippines, trade and industry in
Metro Manila and the Urban Luzon Beltway, and technology at the
Cyber Corridor,” he said.
As chairman of the Housing and Urban Development
Coordinating Council, de Castro reported that the national housing
program has given shelter to almost 30,000 railway families.
Further, he said the government has created a
policy environment conducive to housing investments.
“Recently, we reduced interest rates for
housing loans to make home ownership more affordable. This is an
example of a deliberate effort. Some may say it is distorting the
market structure—but who benefits from the market forces? As long
as we are carefully targeting our clientele and we are not directly
competing with the market of the private sector, I do not see any
distortion there. What we are doing is to implement a targeted
subsidy scheme,” he explained.De Castro said there are many
investment opportunities in the Philippines as he encouraged the
OFWs to participate in the national effort to move the country
forward.
“There are many investment opportunities in
the Philippines right now. Those of you who have the funds, or have
control over funds, may wish to consider placing your money in our
country. Even small contributions will mean a lot to poor families
in the Philippines,” he said.
--Francis Earl A. Cueto
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