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Friday, June 05, 2009

Recto Airs Concern over Economic Cost of Cha-cha Talk

Socioeconomic Planning Secretary Ralph G. Recto today cautioned against the economic cost that may arise from the current discussions about Charter Change.

"What concerns me from where I sit in NEDA are the impacts of such political discussions on the economy. Gross domestic product barely posted growth of 0.4 percent in the first quarter. A key drag on growth was the 0.8 percent growth in personal consumption and the 16.5 percent contraction in capital formation. These are directly linked to public sentiment. Simply put, an anxious outlook results in timid consumption and investment spending.

There is an economic cost to political instability and political uncertainty.  In this challenging time of the global economic crisis, let us not add more shocks to our resilience. Let us remain focused in our efforts to navigate the economy through this time of global hardship."        

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