President Aquino is asking private funds and companies to invest in the Philippines $160 billion dollar economy to boost growth. The hope is to have as much as an 8 percent growth annually from 2011. Aquino is scheduled to meet with investors in the U.S. this month to attract funds.
Throughout its history, the Philippine economy has been very inconsistent. Initially growing at a fast pace, not too far behind Japan, the Philippines' economic state began deteriorating post-World War II. It has since gone through severe recessions, but since 2004 has seen more rapid economic growth under the administration of former President, Gloria Macapagal-Arroyo.
President Benigno Aquino, who took office in June, has been continuing the effort to make the Philippines one of the top economies in Asia. As of April 2010, the Philippines economy is ranked fourth behind China, Indonesia, and Malaysia as East Asia's top economies.
Submitted by:
Laura Lubuguin
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