CLARK FREEPORT – Taking potshots at previous administrations, Pres. Arroyo stressed here yesterday that the country is now “ready for economic rebound” after a slowdown triggered by the global economic crisis.
“I am quite bullish about our prospects for solid recovery,” the President said in her speech before Mindanao mayors.
The President arrived at about 9:45 a.m. at Hotel Stotsenberg here, way ahead of her schedule supposedly at 11 a.m. She arrived about 9 p.m. the other day from Tripoli, Libya where she attended the Africa Union summit and met with Libyan president Maummar Qadaffi.
“We are ready for economic rebound,” the President said during her speech before proceeding to another visit to Porac town, her 24th visit this year to Pampanga’s second district amid nagging suspicions she would run for Congress there in next year’s elections.
The President said that economic stability has enabled her administration to pursue projects in Mindanao, including the Pagadian-Zamboanga road.
She noted that the road “is supposed to be the longest road because it took the previous administration so long to build so little, but we were able to complete it.” She also cited the improvement at the Cagayan de Oro-Surigao road which, she noted, has cut travel time and improved commerce in Agusan province.
Again the President highlighted failings of her predecessors by saying that unlike in “past administrations”, mayors now get their entire Internal Revenue Allotments (IRA) on time.
She said that “during the past administration, you could not even get your IRA,” referring to the administration of former Pres. Joseph Estrada who reportedly plans to run again for president in next year’s polls.
“We even paid IRA’s owed you by past administrations. The higher, the VAT (value added tax), the higher the IRA. So this year, you participated in the biggest VAT increase in history, about P40 billion for the local government,” she said.
“Also we should remember situation now compared with 2001. Now, surrounding countries are experiencing difficulties, but we are progressing,” she said.
She recalled that “in 2001, Asia was surging but the Philippines was on the verge of bankruptcy.”
“What we said before about the need to strengthen the economy through tax reforms was proven right in this recession that showed our economy has remained stable and strong. Growth in second quarter this year better than growth in first quarter, inflation is one of the lowest, almost zero, in our history,” the President also said.
She again insisted that the country was never affected by global recession. “Out of the two-thirds of the world that went into recession we are one of the one third that withstood the onslaught”, she stressed, as she justified “bitter and unpopular economic reforms we did years ago.
The reforms, she said, sustained “economic growth for 34 uninterrupted quarters of our administration.”
“Our economic stability is our major strength that will put us in a stronger position as an attractive major investments and business destination,” she also said. This, she said, is evidenced by call centers and business outsourcing investments even in Mindanao, growing tourism, the manufacturing sector “picking up”, continuing infrastructure projects, and full accommodation of foreign businessmen in hotels.
“I am quite bullish about our prospects for solid recovery,” the President said in her speech before Mindanao mayors.
The President arrived at about 9:45 a.m. at Hotel Stotsenberg here, way ahead of her schedule supposedly at 11 a.m. She arrived about 9 p.m. the other day from Tripoli, Libya where she attended the Africa Union summit and met with Libyan president Maummar Qadaffi.
“We are ready for economic rebound,” the President said during her speech before proceeding to another visit to Porac town, her 24th visit this year to Pampanga’s second district amid nagging suspicions she would run for Congress there in next year’s elections.
The President said that economic stability has enabled her administration to pursue projects in Mindanao, including the Pagadian-Zamboanga road.
She noted that the road “is supposed to be the longest road because it took the previous administration so long to build so little, but we were able to complete it.” She also cited the improvement at the Cagayan de Oro-Surigao road which, she noted, has cut travel time and improved commerce in Agusan province.
Again the President highlighted failings of her predecessors by saying that unlike in “past administrations”, mayors now get their entire Internal Revenue Allotments (IRA) on time.
She said that “during the past administration, you could not even get your IRA,” referring to the administration of former Pres. Joseph Estrada who reportedly plans to run again for president in next year’s polls.
“We even paid IRA’s owed you by past administrations. The higher, the VAT (value added tax), the higher the IRA. So this year, you participated in the biggest VAT increase in history, about P40 billion for the local government,” she said.
“Also we should remember situation now compared with 2001. Now, surrounding countries are experiencing difficulties, but we are progressing,” she said.
She recalled that “in 2001, Asia was surging but the Philippines was on the verge of bankruptcy.”
“What we said before about the need to strengthen the economy through tax reforms was proven right in this recession that showed our economy has remained stable and strong. Growth in second quarter this year better than growth in first quarter, inflation is one of the lowest, almost zero, in our history,” the President also said.
She again insisted that the country was never affected by global recession. “Out of the two-thirds of the world that went into recession we are one of the one third that withstood the onslaught”, she stressed, as she justified “bitter and unpopular economic reforms we did years ago.
The reforms, she said, sustained “economic growth for 34 uninterrupted quarters of our administration.”
“Our economic stability is our major strength that will put us in a stronger position as an attractive major investments and business destination,” she also said. This, she said, is evidenced by call centers and business outsourcing investments even in Mindanao, growing tourism, the manufacturing sector “picking up”, continuing infrastructure projects, and full accommodation of foreign businessmen in hotels.
