PGMA elated over RP rise in growth index ranking

PGMA elated over RP rise in growth index ranking

President Gloria Macapagal-Arroyo has expressed elation over the rise in the country's ranking in Grant Thornton's International Business Report, saying this shows the people are prevailing "against the politics of tearing down and destruction."

"We are in the right place and time to receive super investments for a supersonic journey to the ranks of the first world by the next generation," Arroyo said in a speech before the 26th biennial convention of the Federation of the Filipino-Chinese Chambers of Commerce and Industry Inc. at the Manila Hotel.

"I have no doubt that the Filipino will prevail against all odds and against the politics of tearing down and destruction--building on the foundations of a new economy keyed to needs of the world and to the skills of our people--as we shape a secure democratic future for peace, unity, and prosperity," she said.

The Philippine and Singapore emerged as among the highest ranking economies on an index of countries with the most "super growth" companies, according to a survey conducted by accounting and consultancy firm Grant Thornton International.

The Philippines ranked eight on the 2007 Super Growth Index, a marked jump from its previous 23rd ranking.

Super growth economy is defined for the index as one that has grown considerably more than the average as measured against key indicators, including employment.

The increase in ranking "is a firm indication that growing political and economic security is driving investments up in an unprecedented scale," Arroyo said.

"We have found our niche in the world through the faith and excellence of Filipinos all over," she said.

Arroyo attributed the economy's growth to business process, outsourcing, high tech initiatives, and tourism potentials.

(As published in the Asian Journal, March 29, 2007)