in the remainder of the year. The Aquino administration has promised to speed up the implementation of its PublicPrivate Partnership (PPP) program this year. Moody's Analytics said that the twin policy of lifting infrastructure and reducing corruption could help shore up both domestic and foreign direct investments, thus boosting the economy 's long-term growth prospects. The government's economic managers have expressed confidence that with the unexpected 6.4 percent GDP growth in the first quarter, the country would be able to achieve its full-year growth target of 5-6 percent. The economy grew by a dismal 3.7 percent last year, one of the lowest among the emerging economies in the region. Another good news for the Philippines is that it has improved its standing as a business destination, particularly in terms of market access, ranking 72nd out of 132 countries on the World Economic Forum's enabling trade index. According to "The Global Enabling Trade Report 2012," the Philippines climbed by 20 notches up the index from the previous 92nd spot in 2010, reflecting what was perceived as a reduction in trade barriers. The Global Enabling Trade Report 2012 measures the factors, policies and services that facilitate the trade in goods across the borders of 132 countries. It includes the areas of market access, border administration, transport and communications infrastructure, and business environment. The Philippines, in particular, showed a remarkable improvement in the area of market access, where it jumped 50 notches to No. 14 from being No. 64 in 2010. The market access sub-index measures the extent to which the policy framework of the country welcomes foreign goods into the country and enables access to foreign markets for its exporters, according to the report. In terms of efficiency of import-export procedures, the country took the No. 48 spot, also an improvement from the No. 55 position posted in 2010. The report says that the Philippines, however, continues to lag in terms of transparency of border administration, ranking a dismal 117th out of the 132 countries. These findings have prompted Trade Secretary Gregory L. Domingo to assure foreign investors that the government would continue its efforts to reduce trade barriers and
further improve the business environment in the Philippines. "It's been a long time coming, we're happy with the results, it shows that all our efforts this past two years are starting to pay off," Domingo said in a statement in response to the results of the 2012 Global Enabling Trade Report. Domingo attributed the country's improvement in rankings to the Department of Trade and Industry's efforts to facilitate trade across borders such as the Doing Business in Free Trade Areas ( DBFTA), an awareness campaign that was aimed at helping various stakeholders understand the emerging and new markets, as well as instruments such as free trade agreements (FTAs).