CLARK FREEPORT- Citing perceptions that the country has become a “standout” among Southeast Asian countries in coping with the global economic crisis, Pres. Arroyo announced here yesterday more measures to “enchance social protection” of “poorest households”.
Noting the positive growth of the economy amid decline in the gross domestic product (GDP) of the US and neighboring countries, the President, in her speech before members of the Integrated Bar of the Philippines in this province, nevertheless urged Filipinos to “spend wisely and be prudent if we are to leave our nation in a healthy condition for the next generation.”
This, even as she noted that her administration’s $7 billion “stimulus spending” for this year, which she said would accelerate investments, is much bigger than that in neighboring countries. She noted that Indonesia allocated only $6.3 billion, Malaysia $4 billion, and Thailand $3.4 billion.
“But it (the $7 billion) is not meant to break the bank. We have brought forward investments to further stimulate our economy, to help our people and to sustain the growth that has been so important to our economic success,” she said.
Despite the country’s still “healthy economy,” the President said her administration will “further enhance social protection” of the poor.
“We are doubling allocation for cash grants to the poorest households, for PhilHealth to ensure the full national government contribution to the national health insurance program and for the Technical Education and Skills Development Authority, among other health care and education initiatives,” she said.
The President also said “we are likewise investing unprecedented amounts in expanded education, health care and other social services.”
She also assured “adequate support” for Filipino domestic and foreign workers “through retraining programs to ensure they remain competitive, fully take advantage of job opportunities and find higher paying jobs and through reintegration services and livelihood assistance should any expatriate workers return to the Philippines.”
But she noted that the Philippine Overseas Employment Administration (POEA) processes daily at least 3,000 jobs for abroad.
She noted that “economic indicators our country has manifested has been noticed by international economic institutions and credit rating agencies.
The President cited Dr. Victor Fund, president of the International Chamber of Commerce, as saying that the Philippine economy has become a “standout” in Southeast Asia amid the global crisis.
Appealing to Filipinos to “join hands to fight the global economic crisis”, the President also noted that the country’s Gross Domestic Product growth of 4.6 percent in last year’s fourth quarter and Gross National Product (GNP) growth of 6.1 percent for the entire 2008 surpassed those of Asian neighbors. She said that in the same quarter last year, Japan’s GDP went down by 12.7 percent, US by 5.1 percent, Taiwan by 9.2 percent, Thailand by 4.3 percent, Singapore by 3.7 percent and South Korea by 5.6 percent.
This, she reiterated, was because “we rebooted our economy several years ago.”
“We took our economic medicine through fundamental economic reform by raising taxes, cutting down on smugglers, and reforming our tax collection system and banking laws. Our reform moves paid off with revenue for investments in human and physical structure,” she noted.
She also noted that last year, “we approved a 2008 stimulus at 1.4 percent of GDP in a January 2008 cabinet meeting and implemented it in March as the global food crisis erupted. Though the stimulus was 1.4 percent of the GDP, the deficit was less than one percent.”
The President said she is consoled by surveys saying Filipinos have remained hopeful that their lives would be better this year.
“I hope that we will continue to help each other in nurturing that sense of optimism among our people, by continuing to do our best,” she said.
Noting the positive growth of the economy amid decline in the gross domestic product (GDP) of the US and neighboring countries, the President, in her speech before members of the Integrated Bar of the Philippines in this province, nevertheless urged Filipinos to “spend wisely and be prudent if we are to leave our nation in a healthy condition for the next generation.”
This, even as she noted that her administration’s $7 billion “stimulus spending” for this year, which she said would accelerate investments, is much bigger than that in neighboring countries. She noted that Indonesia allocated only $6.3 billion, Malaysia $4 billion, and Thailand $3.4 billion.
“But it (the $7 billion) is not meant to break the bank. We have brought forward investments to further stimulate our economy, to help our people and to sustain the growth that has been so important to our economic success,” she said.
Despite the country’s still “healthy economy,” the President said her administration will “further enhance social protection” of the poor.
“We are doubling allocation for cash grants to the poorest households, for PhilHealth to ensure the full national government contribution to the national health insurance program and for the Technical Education and Skills Development Authority, among other health care and education initiatives,” she said.
The President also said “we are likewise investing unprecedented amounts in expanded education, health care and other social services.”
She also assured “adequate support” for Filipino domestic and foreign workers “through retraining programs to ensure they remain competitive, fully take advantage of job opportunities and find higher paying jobs and through reintegration services and livelihood assistance should any expatriate workers return to the Philippines.”
But she noted that the Philippine Overseas Employment Administration (POEA) processes daily at least 3,000 jobs for abroad.
She noted that “economic indicators our country has manifested has been noticed by international economic institutions and credit rating agencies.
The President cited Dr. Victor Fund, president of the International Chamber of Commerce, as saying that the Philippine economy has become a “standout” in Southeast Asia amid the global crisis.
Appealing to Filipinos to “join hands to fight the global economic crisis”, the President also noted that the country’s Gross Domestic Product growth of 4.6 percent in last year’s fourth quarter and Gross National Product (GNP) growth of 6.1 percent for the entire 2008 surpassed those of Asian neighbors. She said that in the same quarter last year, Japan’s GDP went down by 12.7 percent, US by 5.1 percent, Taiwan by 9.2 percent, Thailand by 4.3 percent, Singapore by 3.7 percent and South Korea by 5.6 percent.
This, she reiterated, was because “we rebooted our economy several years ago.”
“We took our economic medicine through fundamental economic reform by raising taxes, cutting down on smugglers, and reforming our tax collection system and banking laws. Our reform moves paid off with revenue for investments in human and physical structure,” she noted.
She also noted that last year, “we approved a 2008 stimulus at 1.4 percent of GDP in a January 2008 cabinet meeting and implemented it in March as the global food crisis erupted. Though the stimulus was 1.4 percent of the GDP, the deficit was less than one percent.”
The President said she is consoled by surveys saying Filipinos have remained hopeful that their lives would be better this year.
“I hope that we will continue to help each other in nurturing that sense of optimism among our people, by continuing to do our best,” she said.
