Arroyo happily tells ‘real story for 2008’
By Michael Lim Ubac, Tonette Orejas
Philippine Daily Inquirer
First Posted 00:36:00 03/27/2008
MANILA, Philippines—A day after the Supreme Court upheld her power to invoke executive privilege, President Gloria Macapagal-Arroyo declared that she was “bullish on our economy, optimistic about our future and committed to being a force for good for our nation.”
In a speech delivered at the opening session of the Philippine Development Forum in Clark, Pampanga, which was broadcast live by the state-run NBN-4, the President reiterated that she would step down at the end of her term in 2010.
This is the “real story for 2008,” she said, adding that the “tough choices” she had made—boosting revenues through tax reforms and modernizing the banking and financial sectors—had paid off.
“It has been a very good year for the Philippine economy, not in over 20 years, but in over 30 years. As we all know, our economy grew by 7.3 percent,” she said.
She said her administration was on track to “modernize” the country, and aired the assurance that the benefits of a robust economy would trickle down to the poor.
“The best thing we can do for the remainder of my term until I step down in 2010 is to stay focused on further economic reforms while providing peace, order and stability. Our last two years will be dedicated to one main objective: Invest, invest and invest some more in the nation,” she told foreign investors, members of her Cabinet and other government officials.
Only once did the President make a reference to the political situation.
She said “political noise” did not have to “interfere with economic progress and reform.”
“This budget helps make that point,” she said in reference to the P1.236-trillion national budget that she signed on March 17, and which she described as “a buffer to mitigate the pain of the deteriorating global economy and the rising prices that affect food and transportation the most.”
“On the issue of corruption that has plagued our nation for several generations, this is an issue we take seriously. As an economist, I know that first and foremost a strong economy is an economy that is transparent and free from corruption,” Ms Arroyo said.
To “fix the corruption,” she reminded her audience that she had called on Congress to pass a comprehensive anticorruption reform act this year.
“On our part, we will hold officials accountable if they are found to be corrupt after due process. Let the chips fall where they may as investigations are concluded and friend and foe alike are brought to account for their actions in the proper courts,” Ms Arroyo said, citing the increased budget of the Office of the Ombudsman, which has led to a conviction rate of 60 percent in the Sandiganbayan.
‘Real story for 2008’
“The people are tired of partisan wrangling; they want all of us to do our job, which is to work for the interest of the people, keeping the nation strong and stable and always moving forward,” she added.
Ms Arroyo said that under her stewardship, the Philippines’ “macroeconomic fundamentals” were “stronger than ever.”
By Ms Arroyo’s account, her administration created a million jobs and drew big foreign investments that included the $1.6-billion facility of Texas Instruments in Clark, the $3.7-billion shipyards of Hanjin Heavy Industries and Construction Ltd. in Subic, Zambales, and Marubeni’s power projects.
She cited a “substantial” reduction in the budget deficit and a “record high” in foreign reserves.
1st-World status
“I’m confident that the Philippines will tip forward in pursuit of reaching the status of First World within a generation,” the President declared.
But she warned against “clouds on the economic horizon that we must guard against,” referring to global challenges.
To protect the Philippine economy, the government will ensure a surge in investments in people and infrastructure and pursue anticorruption initiatives and cut red tape.
To blunt the global rise in the cost of energy and rice, she said, the government would provide “relief for the poorest among us who suffer the most from the high global price of energy.”
Ms Arroyo thanked the World Bank for “taking interest in relief projects for the poor.”
She sounded off on the need for “a strong middle class to become a strong modern nation.”
She said the 2008 budget reflected the government’s priorities in completing her reform agenda and “proves once again that members of Congress from both the House and the Senate and all parties can come together to work with the executive branch to get things done for the nation.”
Reform agenda
Ms Arroyo said that “while we have accomplished much, more remains to be done.”
“We plan to work hard the next two years until the day our term ends in 2010 to fulfill our Philippine reform agenda,” she said.
This reform agenda includes legislative efforts to improve the banking and finance system, to strengthen the tax collection and continue to broaden taxpayer base, and crack down on corruption and red tape, she said.
She also called on foreign creditors to work with the government in standardizing the use of official development assistance.
Ms Arroyo said that just this month, the International Monetary Fund had lauded the Philippines’ economic growth, the substantial reduction in the budget deficit, the low inflation and the improvement in consumer confidence.
Thus, 2008 holds a real promise for a different reason, she said.
“Not only do we expect to sustain our growth, but as a result of our total economic overhaul, we are well-positioned to weather a global economic slowdown which, unfortunately, will affect all of us,” she said.
She added that there would be “no rest” as the government continued with the pace of progress that had succeeded in strengthening the economy.
Roads, bridges, ports
Ms Arroyo said the 2008 budget was dedicated to investing in vital physical and human infrastructure to continue to modernize the nation through roads, bridges and ports along with education and healthcare.
“We will fight for the economy, education and the environment, to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice,” she said.
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