Hike in OFW remittances, agri production noted

THE government has welcomed the double-digit increase in remittances by overseas Filipino workers (OFWs) in March and increased agricultural production during the first quarter of the year.

Let’s count our blessings and thank God for the good harvest, Malacañang said.

*** Presidential spokesman Ernesto Abella said personal remittances from OFWs increased by 11.8 percent to $2.9 billion in March this year.

“This reflects an 8.1 percent increase on the total personal remittances for the first quarter of 2017 amounting to $7.7 billion,” he added.

*** Abella reiterated President Duterte’s appreciation for OFWs for their personal sacrifices and for helping keep the economy afloat.

“They helped us very much. They are giving us a lot through their remittances so we need to pay them back. Thank you for the help you have given to the country,” he quoted Duterte as saying.

*** Likewise, Abella lauded the increase in agricultural production by 5.28 percent in the first quarter of 2017, reflecting a bouncing back trend.

“The Philippine agriculture performance increased by 5.28 percent, recovering from a contraction in the fourth quarter of last year by -1.11 percent,” he pointed out.

*** Favorable weather conditions, timely application of fertilizers, availability of water in irrigated farms, and adequate amount of rainfall helped increase the total agricultural output, Abella said.

“The government will continue to boost infrastructure spending to support the agricultural sector,” he added.

*** Abella cited that Duterte previously vowed to spend 13 trillion for infrastructure projects to give farmers easy access to roads to transport their produce easily.

More infra, more growth which the country badly needs, he said.

*** Meanwhile, PresidentDuterte’s trip this week to Moscow for a meeting with the Russian leader Vladimir Putin and business leaders is expected to boost cooperation and trade.

PH will likely find an ally and an economic partner, the Palace said.

*** Trade and Industry Secretary Ramon M. Lopez said a long list of about 200 to 300 Filipino businessmen have joined the President’s state visit to Russia.

They will be attending business forums and signing business deals, he added.

*** Lopez added that PH and Russia are signing two documents. One is a memorandum of intent on trade and investment promotion and the other is a memorandum of understanding on industry development.

Expect more business cooperation and commercial transactions.

*** Several bilateral agreements such as those related to defense, security, legal assistance, trade and investment, peaceful use of nuclear energy, and culture will also be signed, Lopez said.

The country’s economic growth and “Dutertenomics” will therefore get a boost, he assured.