President Gloria Macapagal-Arroyo has accepted with regrets the resignation of Luis Lorenzo as chair of the Land Bank and Quedancor, to enable his wish to go back to the private sector.

The market has shunted the downgrade aside and continues to surge up and forward.

Japan’s R&I has maintained our ratings in acknowledgement of our steady GDP growth and our resolve to put our fiscal house in order.

All initial public offerings in the stock market are over-subscribed .Our bonds are likewise over-subscribed and well received in the international markets.

We are glad to note that Japan’s R&I retained our ratings, and that the efforts not just of the government, but also our partners in Congress, the private sector and the media do not go unnoticed.

Even analysts of major international investment houses such as UBS, Standard Chartered, Citigroup and HSBC share our view that Moody’s 2-notch downgrade was quite severe and ill-timed.

It comes at a time when the country’s reform program is taking shape. More importantly, a number of painful measures have been implemented to address investor concerns with regard to raising revenues to GDP, and reducing debt to GDP.

TAGBILARAN, Bohol – President Gloria Macapagal-Arroyo will inspect tomorrow Package 1 of the 260.7-kilometer, Pl.73 billion Bohol Circumferential Road (BCR) improvement project that is expected to help accelerate the economic development of Central Visayas and enhance the delivery of government services in the area.

In her fourth visit to Bohol this year, the President will also inspect the ongoing construction of the 124.4-km. Phase 2 of the BCR.

The circumferential road project, the main trunk route covering the island province, is also part of the government’s National Arterial Road Network (NARN). Divided into two phases, the BCR system will provide the basic infrastructure support badly needed to hasten the economic development of Bohol, notably its agri-business sector.

The ongoing Phase 1 of the BCR project is funded by the Japan Bank for International Cooperation (JBIC), formerly the Overseas Economic Cooperation Fund (OECF). The 124.4-km. Phase 2 road system traverses the towns of Calape, Buenavista, Talibon and Candijay.

On the other hand, the 136.02-km Phase 2 of the project was divided into two contract packages -- the 84.24-km Calape-Valencia section, and the 51.78-km Candijay-Jagna-Valencia section.

Bohol Gov. Erico Aumentado said the BCR network will "upgrade, improve and expand" the road system in the province, reduce transport costs and enhance Bohol’s economic development.

Project director Choong Do Lee, of the Korean construction firm Hanjin Heavy Industries and Construction Co., Ltd., project contractor, said concreting of the Baclayon-Albur section has been finished. This is the longest stretch of the BCR that has been completed.

Expected to join the President in the ceremonial drive through the completed road section is Gov. Aumentado, Bohol 1st District Representative Edgar Chatto, Alburquerque Mayor Efren Tungol, and Public Works and Highways Secretary-designate Hermogenes Ebdane Jr.

LAPULAPU CITY -- President Gloria Macapagal Arroyo inaugurated this morning the Multi-media Telecare Center of Lapulapu City, one of the five thousand e-governance terminals, interconnecting national and global agencies in e-governance.

Digital infrastructure development which involves the setting up of telecare centers all over the country, a component of the government’s transport and infrastructure program, forms part of the President's ten-point legacy agenda.

The program has been allotted a P95-million budget.

The Chief Executive said the digital infrastructure program is aimed at propelling the Philippine economy to the twenty-first century.

"This is important because it will help us fight poverty and the enemy which is terrorism," the President said during the media interaction held immediately after the telecare center launching at the Lapulapu City Hall.

The Lapulapu Telecare Centre will provide the general public with affordable access to a variety of information and communications services such as internet, e-mail, fax, future voice-over IP, distance learning and other on-line community-based services, according to Lapulapu City mayor Arturo Radaza.

The project, implemented by the Telecommunications Office or TELOF was conceptualized and developed to address the digital divide and implement the strategic roadmap of the Commission on Information and Communications Technology (CICT).

CICT’s mandate is to promote "an E-enabled society where empowered citizens have access to technologies that will provide quality education, efficient government service, greater source of livelihood and a better way of life."

The establishment of the Lapulapu City Community e-Center is expected to increase ICT participation of the national government in under-served and remote communities and allow greater public access to information through web-based technologies, Mayor Radaza said.

President Arroyo arrived here shortly before noon and was welcomed by local officials led by Mayor Radaza and,Cebu Gov. Gwendolyn Garcia .

With the stock market’s continuing to surge despite last Wednesday’s two-notch downgrading of the Philippines’ credit rating by Moody’s Investors Service, Malacanang today expressed confidence the country will bounce back from negative to positive in the next ratings.

"In the next rating, we believe we will come out positive," Press Secretary and Presidential Spokesman Ignacio R. Bunye said in a radio interview today.

He pointed out that when the credit rating was conducted, the administration’s fiscal reform proposals were still being discussed. "But now Congress is working on our fiscal reform measures," he added.

Bunye pointed out that just as important as the fiscal reform program are efforts to implement tax reforms, upgrade the tax collection system, putting an end to wasteful spending, and a relentless campaign against corruption.

He underscored the importance of the Filipino people uniting and working together to eradicate corruption in all levels and sectors of society to "convince international observers that we are serious about putting our own house in order."

Bunye doubted claims that Moody’s downgrade of the country’s credit rating was calculated to pressure Congress into approving the Valued Added Tax (VAT) bill. Members of Congress understand that "we have to take some bitter pills. All of us have a part to play -- Congress, the executive department and the whole citizenry," he stressed.

Bunye said "well-meaning debate on the VAT" is welcome, pointing out that it is important that the different views on the measure are heard. "But at the end of the day, we have to come up with some sort of a VAT system, an expanded VAT system," he said.

He explained that savings from the austerity program and additional tax revenue realized from an upgraded tax collection system would not be enough to cover the government’s urgent fiscal and development programs.

LAPULAPU CITY -- President Gloria Macapagal Arroyo today said here she may certify as urgent the anti-terrorism bill now pending in Congress in a move to firmly address the problem of terrorism that could disrupt the country's economic recovery and development.

"We will work with Congress to fight terrorism," the President said during the media interaction after the formal inauguration here today of the Lapulapu City TeleCenter.

When asked if she plans to certify as urgent the anti-terror bill, the Chief Executive said: "Most certainly yes.It is very important. It is part of our priority legislation" program.

The President said the terrorists are now being routed in Sulu, and the dragnet is closing in on the perpetrators of the recent bombings in Metro Manila and Mindanao and that she has ordered law enforcers "not to ease the pace of the hunt" for the terrorists.

She stressed that peace and development will be restored as the government is pushing its operational gains, stepping up relief, rehabilitation and reconstruction in affected communities.

President Arroyo said more teeth will be added to the fight against terror by working with Congress "to strengthen our internal security laws."

"We must match the resolve of other nations on this score, as terrorists take advantage of loopholes in the legal system that allow them anonymity and mobility," the President noted.

She added that the gap in lawful vigilance must be closed and all available legal and operational measures must be maximized to keep the terrorists at bay, and this could be done through relentless intelligence backed by public cooperation and active participation.

There are several anti-terrorism bills pending in the House of Representatives, one of which was filed by Ilocos Norte Rep. Imee marcos. The President said it does not matter which anti-terror bill version would be passed .

The enemy is being routed in Sulu and I commend our government forces. The dragnet is closing in on the perpetrators of the recent bombings in Metro Manila and Mindanao, and I order our law enforcers not to ease the pace of the huntdown.

As we push our operational gains, we are stepping up relief, rehabilitation and reconstruction in the affected communities.

Peace and development will be restored.

In the meantime, we shall continue to add more teeth to the fight against terror by working with Congress to strengthen our internal security laws.

We must match the resolve of other nations on this score, as terrorists take advantage of loopholes in the legal system that allow them anonymity.

LAPULAPU CITY -- President Gloria Macapagal-Arroyo today announced the abolition of the position of Presidential Adviser for Jobs Generation following the resignation of its holder, Secretary Luis "Cito" Lorenzo.

The Chief Executive made the announcement during the media interaction at Lapulapu City Hall after she formally inaugurated one of the GMA Multi-Media Telecare Center here. .

When asked who will be the replacement of Lorenzo in Land Bank and Quedancor, the President said that as provided by law the Secretary of Finance would be the chairman of Land Bank and the Secretary of Agriculture would be the chairman of Quedancor.

Earlier, Press Secretary and Presidential Spokesman Ignacio R. Bunye revealed that the President had accepted with regrets the resignation of Lorenzo as chairman of the Land Bank and Quedancor.

BORACAY ISLAND -- First Gentleman Jose Miguel T. Arroyo’s cataract medical mission aptly called "Bagong Mata Para sa May Katarata," continues to roll and benefited 200 poor cataract patients in this island resort.

The 200 beneficiaries were operated on for free during the February 14-16 cataract medical mission of the Office of the First Gentleman (OFG) held at the Boracay Island Municipal Hospital here.

The latest batch of beneficiaries of the First Gentleman’s gift of sight project brought to over 6,000 the number of indigent cataract patients who have regained their clear eyesights.

Aside from the free surgery, the project’s beneficiaries are also provided with intra-ocular lenses, medicines, and series of pre- and post-operative medical tests.

The local beneficiaries here profusely thanked Mr. Arroyo for his gift to them, stressing that without the Bagong Mata Para sa May Katarata project, they would likely spend the remaining days of their lives in total darkness.

Among those who benefited from the free cataract surgery was Pio Dalisay, a 91-year old widower from Guibon Nabas, Aklan whose left eye has been blinded by cataract for the past 15 years. Formerly a copra farmer, Dalisay was the oldest patient operated on during the mission here.

Dalisay’s son, Nemesio, 59 years old, said God intervened to have his father included among the beneficiaries of the First Gentleman’s cataract medical mission in Boracay.

The younger Dalisay said his father, who lives two towns away from here, arrived by chance on only Wednesday to visit him.

Aware of the on-going cataract mission, Nemesio said he brought his father Thursday morning and promptly qualified for the operation after he was screened by a doctor from the team of Manila-based eye specialists who volunteered their service for the First Gentleman’s mission.

"Lubos ang aming pasasalamat kay First Gentleman at napunta rito ang proyekto niya at natulungan na maooperahan ang tatay ko na matagal na ring hindi makakita," the younger Dalisay uttered.

Equally thankful to Mr. Arroyo were Andrea Rubia, 65, of Tampisan, Manuk-Manok, Boracay; Albina Bernabe, 86, of the village; and Consolacion Tejada, 82, from Poblacion Macato, Boracay.

The team of eye specialists who performed the operations was led by Dr. Eric Malubay from the Malacanang Clinic, Dr. Augustus de Villa from the Presidential Security Group (PSG), Dr. Reynaldo Capuz from the AFP Medical Center, Dr. Jose Gonzalo Ditching from Ozamis City, Dr. Dennis Nepomuceno, a private practitioner, and Dr. Miguel Sarabia from, Bacolod City. The nurses came from the Malacanang Clinic.

Mr. Arroyo flew in here Thursday and personally met the patients.

Cecilio Salvador, 72; Shirley Aldia, 50; and Corazon Castro, 58, all from here, said they were so surprised when they saw Mr. Arroyo since this was the first time they saw him in Boracay. They also unabashedly thanked him for the unexpected help they received.

The First Gentleman was welcomed by Aklan officials led by Rep. Joven Miraflores, Gov. Carlito Marquez and Malay Mayor Ceciron Cawaling.

SRNHS recently received 21 computer units through the initiative and efforts of Presidential Daughter Evangelina "Luli" Arroyo in collaboration with the Coca-Cola Company.

The program has also been realized with the cooperation of the local government unit, Alburquerque Mayor Efren Tungol, DepEd-Bohol Division Superintendent Dr. Cerina Bolos, SRNHS faculty and staff and its Parent- Teachers Community Association (PTCA).

Ms. Luli Arroyo, the Director for Operations of the Fit-Ed-Foundation for Information Technology Education and Development a non-governmental organization also paved the way for the earlier opening of the SRNHS Center.

Presently, the center is open to the 815 SRNHS students along with the 21 teachers and staff, as well the local general public on days when there are no classes.

President Arroyo’s Bohol swing is part of her 10-point pro-poor agenda tour of the Visayas to help promote digital infrastructure through Information Communication Technology (ICT) in the region.

Under the Digital Connectivity Plan, all cities and provincial capitals will have access to the internet by 2005; first, second and third class municipalities by 2007 and all 1,501 municipalities by year 2010.