PHILIPPINE EMBASSY NEWS RELEASE 17/SEP/08
Gov't will not waver in its reform agenda despite global challenges to RP's
economy - PGMA
President Gloria Macapagal-Arroyo on Monday reassured the local and
international investment community that her administration will not waver in
its reform agenda and that it will act responsibly in the face of global
challenges to the country's economy.
The government "will stay the course and has a plan for the future," the
President said in her address during the opening the National
Competitiveness Council (NCC) meeting in Malacanang.
"We will continue on the path of economic reform," she said, referring to
her administration' s comprehensive strategies which she spelled out in her
State of the National Address (SONA) last year.
"Our reforms to date have helped us in this time of global economic
upheaval. Without them, we would not be as confident as we are that our
economy will withstand these external shocks," she said.
The President said her administration will remain vigilant against new
challenges to the economy as "we must maintain the fiscally prudent policies
that have given us the strength to weather this global storm."
The NCC meeting was a followup to the first National Innovation Summit held
on Nov. 26, 2007 to come up with the building blocks needed to speed up
national innovation strategies and faster and higher growth across
industries.
The President added that her administration is "doing everything in our
power to focus on the fundamentals, keep the economy steady, and to provide
relief for those most in need," pointing out that "the best buffer we have
to external vulnerability is our own domestic, internal strength."
"Building a stronger, healthier economy driven by domestic consumption and
investment, and relying less on external markets is exactly what our reform
agenda is about," she said.
The administration' s five comprehensive strategies for global
competitiveness are:
(1) plentiful and affordable food to keep our labor cost globally
competitive;
(2) reduced cost of electricity to make our factories regionally
competitive;
(3) modernized infrastructure to efficiently transport goods and people;
(4) upgraded knowledge and technologies disseminated for productivity; and
(5) reduced red tape to cut business costs.
She admitted that the government's economic team has been challenged by the
unprecedented surge in the price of crude oil in the global market by as
much as 44 percent, and that of rice by 43 percent over the past year.
The President said, however, that the economic team is "doing its best on
all fronts to manage inflationary pressures, provide a safety net to those
members of our society who are hit hardest by these global developments, and
deliver the economic growth that will continue to generate jobs."