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ADCL: Spend, invest now to help economy

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CITY OF SAN FERNANDO – “We must now spend prudently to prevent the global economic crisis from hitting our country.”

Thus said yesterday prominent businessman Rene Romero, chairman of the Advocacy for the Development of Central Luzon (ADCL), in a breakfast meeting with mediamen at his residence here.

Romero said the “attitude” of Filipinos not investing too much and saving their cash had helped them stop the global financial crisis which hit Japan, United States of America (USA), and other wealthy countries.  

But Romero said “it’s now that we should buy our needs and at the same time invest and expand our businesses.”

“When the money is going around, the services and businesses continue and there will be economic activities benefiting the people in general,” said Romero, who is also chairman of the Pampanga Chamber of Commerce and Industry (PamCham).

ADCL President Renato “Abong” Tayag, for his part, said he would push for the “Palengkenomics” to further boost the economy of the Central Luzon.

“The answer is not the malls but public markets in our areas,” he added. “Money in the market goes around in the immediate community.”

Tayag, who owns food producing firms in Pampanga, echoed the sentiments of Romero. He said the people should begin to put out their cash to ensure the “viability of the economy.”

Romero urged the government to “do its part in helping the residents.” He said there should be “real government spending.”

But the ADCL Chairman said the government “should  eradicate or stop corruption” to help the economy.

“Imagine if 40 percent of the total project cost goes to individual pockets. It should go to the community,” said Romero. He added that the government should tap local contractors and not foreign ones.

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