MANILA, Philippines -- Former president Joseph Estrada will not attend President Gloria Macapagal-Arroyo's State of the Nation Address on Monday, saying he does not want to waste his time to listen to a "fairy tale story."

Estrada has received an invitation from Congress to attend the event.

"He simply believes that it would be a waste of time to go to Congress only to listen to the fairy tale story of the economy from President Gloria Macapagal Arroyo," said Estrada through his spokesperson Margaux Salcedo.

Estrada believes that any proclamation of sound economy will be like "rubbing salt on the wounds of the poor."

"He believes that more important than listening to the lies of President Arroyo is listening to the truths from the Filipino masses: the truth of severe hunger, the truth of worsening poverty, the truth of rising inflation, the truth of a worse economy, and the truth that no less than the World Bank has assessed the Philippines to be the most corrupt country in East Asia," Salcedo said.