NEWSFLASH

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DON'T PUNISH EXPORTERS -- PHILFOODEX

Manila, Nov. 9, 1997 - The Philippines should give more attention to exports and tourism , two sectors which registered tremendous growth in the past years and contributed to the economy's stability.

Philippine Food Processors and Exporters Organization (Philfoodex) president Jess Tanchanco said the 23-percent growth reported by the National Statistics Office can be improved if the government provides more support and incentives to Filipino exporters just like our neghboring countries do.

However, Tanchanco bewailed the proposed restrictions on dollar receipts of importers as counterproductive. "To choke the exporters for the benefit of other sectors is an odd idea that runs counter to the spirit of free enterprise," he said.

He recalled that exporters bore the brunt for more than a year when the peso appreciated from P28 to P23 versus the dollar, until it finally settled at P26.

"The exporters persevered and had been resilient, and it would be very disheartening if we punish the sector through restrictions now that exporting is just beginning to become more promising," he said.