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| 03 FEBRUARY 2006 | ||
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| 03 FEBRUARY 2006 | ||
| Statement of Secretary Ignacio R. Bunye |
The Philippines is looking up and beyond the bleak picture and unrest painted by the prophets of gloom. Domestic and global analysts are all predicting faster economic growth, a narrower government budget deficit, lower inflation, and lower interest rates. The bullish outlook is a signal that the best is yet to come for our people, if only we can tone down the senseless political noise. Meanwhile, the government is doubling its efforts to effectively mitigate the impact of the RVAT. It is also pushing its revenue agencies to clean up and to collect more in order to increase the payback of economic reforms to the people, in terms of much-needed social programs. In the end, it will be the people who will be the winners in the fight against poverty pushed forward by a strong economy. |
| Global analysts bullish on RP contrary to dire views of prophets of doom -- Bunye |
Malacaņang said today that contrary to the bleak future and unrest painted by prophets of gloom, the Philippines is actually looking up. Press Secretary and Presidential Spokesman Ignacio R. Bunye said in a statement that the upbeat view of the country’s future is supported by domestic and global analysts who see a faster economic growth and narrower government budget deficit. The bullish outlook is a signal that the best is yet to come for the Filipino people, he said. "Domestic and global analysts are all predicting faster economic growth, a narrower government budget deficit, lower inflation and lower interest rates," Bunye said. The Malacanang official was reacting to reports that the imposition of the Reformed Value Added Tax (R-VAT) will cause more hardships for the people. Bunye cited a statement by the Philippine Chamber of Commerce and Industry (PCCI), the Philippines biggest business group, that the two percent rise in the VAT will produce long term benefits for the economy even if consumers take a hit in the short term because of higher prices. The PCCI said that the rise in the VAT rate from 10 to 12 percent will send a strong signal to foreign investors, credit rating agencies and trading partners that the country is serious about improving its economy. In the latest ranking of permissible investment sites released by the California Public Employes Retirement System (CalPERS), the biggest pension fund in the United States, the Philippines shot past China in the ranking of permissible investment sites. The Philippines got a score of 2.13, up from last year’s 2.00, to move up to 14th place from 18th, well ahead of Malaysia, China, Russia and India. Meanwhile, Bunye said, the government is doubling its efforts to effectively mitigate the impact of the R-VAT. It is also pushing its revenue agencies to clean up and collect more in order to increase the payback of economic reforms to the people in terms of much-needed social programs. "In the end," Bunye said, " it will be the people who will be the winners in the fight against poverty pushed forward by a strong economy." |
| PGMA mobilizes NBI to go after sugar hoarders |
President Gloria Macapagal-Arroyo said today she will mobilize the National Bureau of Investigation (NBI) to go after hoarders of sugar who are taking advantage of the commodity’s current high price in the world market. The President made this plan known when she inspected and monitored this morning the prevailing prices of prime commodities at the Nepa Q-Mart in Quezon City. Accompanying the President were Vice President Noli de Castro, Trade and Industry Secretary Peter Favila, Agriculture Secretary Domingo Panganiban, incoming Presidential Chief of Staff Michael Defensor, Sugar Regulatory Administration (SRA) Administrator James Ledesma, and Quezon City Mayor Feliciano Belmonte. "Gagamitin natin ang NBI para hanapin ang mga nagho-hoard at mag-iimport tayo sa lalong madaling panahon para bumaba uli ang presyo ng asukal (We will mobilize the NBI to go after these hoarders and we will import sugar as soon as possible to bring down its price)," the President said. Vice President De Castro, the country's price czar, said the price of sugar is now very volatile due to hoarding because of the high demand for ethanol particularly in Brazil. Ledesma said the price of sugar should not increase because the country's total production is twice the volume of domestic demand. President Arroyo said the current high price of sugar in the local market is likely due to hoarding amid speculations that its price would further increase in the world market. "Bawal iyan dahil meron tayong anti-hoarding law (That is illegal because we have an anti-hoarding law)," she pointed out. "Ang NBI gagamitin natin para hanapin iyong mga hoarders na iyan. Kasi hoarding ang pinanggagalingan ng pagtaas ng presyo ng asukal (We will field out the NBI to go after those hoarders who cause the price spiral of sugar)," the Chief Executive said. The President expressed satisfaction when informed that prices of basic commodities in most markets are at normal levels particularly in public markets, except for some produce that come from areas affected by the recent typhoons. She also praised the work of the inter-agency monitoring teams of the DTI and DA which are conducting daily price monitoring in major markets in cooperation with local government units. Trade Secretary Favila said they have already released a price guide for consumers and retailers. "Those who will be found jacking up their prices by more than 10 percent would be liable for profiteering," he warned. |
| PGMA bares release of P100 million from NLSF to beef up Tindahan Natin outlay |
President Gloria Macapagal-Arroyo said today the National Livelihood Support Fund (NLSF) will transfer P100 million to beef up the fund support for the "Tindahan Natin" and other microfinance projects of the Department of Social Welfare and Development (DSWD). The President announced the additional funding for the Tindahan Natin during an informal interaction with residents of Barangay Aguinaldo inside Camp Aguinaldo, Quezon City, the military’s national headquarters. The Chief Executive motored to Camp Aquinaldo this morning to launch a Tindahan Natin, one of the administration’s pro-poor projects, in the camp’s flea market on Solomon st. Accompanying the President were DSWD Officer in Charge Luwalhati Pablo, Department of Education (DepEd) Officer in Charge Fe Hidalgo, Secretary Michael Defensor, Armed Forces Chief of Staff General Generoso Senga, and Camp Commander Brig. Gen. Jovenal Narcise. Barangay Aguinaldo Chairperson Milagros Mira thanked the President for the Tindahan Natin which offers low-priced basic commodities, including iron-fortified National Food Authority (NFA) rice, at prices much lower than those charged by regular outlets. The President said the Tindahan Natin would benefit some 2,000 residents, all family members of enlisted military personnel in Camp Aguinaldo. She said the Barangay Aguinaldo Tindahan Natin was established to respond to the needs for basic commodities of the families of enlisted military personnel for lower-priced basic food items. Hidalgo and Pablo informed the President that each resident can buy up to five kilos of NFA iron-fortified rice from the Tindahan Natin at P18 a kilo. The President said she has also ordered the release of P5 billion for the Philippine Defense Reform Program, P1 billion of which will be used to finance the housing needs of enlisted personnel. Senga informed the President there are ongoing housing projects for members of the armed forces while some military reservations in various parts of the country would be developed for military housing. |
| PGMA welcomes CalPERS upgrade of RP investment rating |
President Gloria Macapagal-Arroyo welcomed today the upgrading by the California Public Employees Retirement System (CalPERS) of the Philippines investment rating. CalPERS, the largest US pension fund and a recognized global leader in the investment industry, raised the Philippines to No. 14 this year from No. 18 last year in a field of 27 countries that were ranked. "Let’s all celebrate our upgrade by CalPERS and let’s all make sure this will translate to more jobs for the Filipino people," the President said during a "Roundtable with the President" in Malacanang this afternoon. The Philippines’ latest score of 2.13 this year from 2.00 given in 2005 by Wilshire, CalPERS’ consulting firm, improved the country’s standing among emerging markets such as Malaysia, China, Russia and India. The latest rating upgrade is the highest score the country has ever posted in the annual assessment of investment destinations by CalPERS. Philippine Ambassador to Washington Albert del Rosario attributed the country’s remarkable performance to the reduction of its fiscal deficit, the passage and the implementation of the Reformed Value Added Tax (RVAT) Law and the administration’s campaign against corruption. "We owe it (upgrade) to the reforms introduced by the Arroyo administration and the leadership of the President," del Rosario said. "The international financial community is pleased with the economic efforts the President is showing," according to Loida Nicolas Lewis, an official of the National Federation of Filipino-American Associations (NFFAA). The President also noted the appreciation credit rating firms have shown for the "rule of law" in the country. Nicolas-Lewis, a native of Sorsogon province, said the improvement in the review on the country’s human trafficking efforts, as well as efforts to solve the killing of journalists, also contributed to the country’s favorable rating. |
| Indian President here on three-day state visit, meets PGMA tomorrow |
President Gloria Macapagal-Arroyo will hold a one-on-one meeting tomorrow (Saturday) in Malacanang with visiting Indian President Avul Pakir Jainulabdeen Abdul Kalam. The first Indian President to visit the Philippines in 15 years, President Abdul Kalam arrived in Manila this afternoon for a three-day State Visit. The two Presidents are expected to sign a Memorandum of Agreement (MOA) on tourism and defense cooperation, abolition of visa requirements, executive program of culture, renewable energy and medicine. President Abdul Kalam will be accorded arrival honors in Malacanang at 10 a.m. before his meeting with President Arroyo, who is expected to request India to play a key role in promoting inter-faith dialogue in addressing conditions that give rise to religious extremism. The Philippines is also expected to make a good case on complementation, rather than competition, with India on the multibillion-dollar information and communication technology industry (ICT). The country is likewise expected to engage India on affordable medicines and pharmaceutical raw materials in support of President Arroyo’s "Botika sa Barangay" program that offers quality but cheap medicines for common illnesses such as colds, fever and diarrhea. Also tomorrow, President Arroyo will host a state dinner in honor of the visiting Indian leader at 7 p.m. at the Rizal Hall of Malacanang. On Monday (Feb. 6), President Abdul Kalam will address the joint session of Congress. The Indian President’s Philippine itinerary includes a visit to the International Rice Research Institute in Los Banos, Laguna, and the Philippine Science High School in Quezon City. |
