FRIDAY, FEBRUARY 20, 2009
ERP a “responsible” fiscal stimulus

Sec. Ralph Recto on Wednesday described the country’s stimulus program as “responsible” since it won’t induce debt, worsen inflation or crowd out private investments.

 “I would call it a responsible fiscal stimulus because we don’t have the same foot size like the United States. They may afford to have a deficit of 8 or 10 percent of their gross domestic product, but it is not necessary in the Philippine context. One size does not fit all. In the case of the Philippines, a maximum of 2 to 2.5 percent of GDP will be more realistic,” he said in his speech at the induction of officers of the Economic Journalists Association of the Philippines (EJAP) on Wednesday at Makati City.

Click here to read the full transcript of the speech.

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