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| PGMA's Speech during a stopover visit and breakfast meeting with the Filipino community in Los Angeles, California, U.S.A. |
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Los Angeles International Airport , Los Angeles, California , U.S.A. |
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20 June 2009 |
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Aside from Secretary Bert Romulo and Senator Miriam,
we have with us a number of senior government officials and Cabinet members
and members of Congress, and our job is to protect the Philippines and our
people from the full brunt of the global economic recession. To date, we have kept that wolf away from the door through a combination of targeted stimulus investment and providing strengthened social safety nets for our most poor. Well, I know you know what it means to have a recession or a slowdown. Our economic growth in the Philippines has also slowed, we have been affected but the good news is that we are comparatively better off than most other nations in the region and in the world. Thank you. Salamat, salamat. Thank you for your support. The slowdown even if it’s not a recession, a slowdown tends to be on the back of the poor although every citizen is affected -- middle-class, poor and rich alike. So, we have an economic resiliency plan and it has been designed to provide short-term relief to our most affected citizens while investing in the long-term prosperity of our nation. But it is essential that we look a year or two ahead and prepare for long-term recovery and rebound and not be totally consumed with just managing through short-term challenges. And we are prepared for the rebound. We took the necessary medicine in the past years to strengthen our revenues -- and that is why I like to acknowledge our members of Congress, our Senator because they helped, they were the ones who legislated -- the difficult revenue measures that we needed, and we have been able to use these revenues to invest in the people and the nation. We have also made fiscal prudence and working towards a balanced budget, a central component of our lon-term heaklth. We will never lose sight of our need to balance our budget and for our government to live within its means. We would have balanced the budget this year. In fact last year, it was almost balanced. But, as you all know, the global recession intervened. And with the global recession comes the need to provide stimulus for our economy. And we are here to support for our people who have been impacted. But we can take heart in the fact that there are signs of recovery in America, where you live; in America which is the biggest market in the world. And when America goes the rest of the world economy goes. The prognosis from American economists about U.S. recovery starting sometime between July and next March further buttresses recovery expectations. U.S. manufacturing has slowed down the rate of contraction. And there are early signs of improvement in consumer spending -- that’s you, you’re part of the U.S. consumers. And also signs of recovery in consumer confidence, and there’s greater stability in the financial sector. AMEX and J.P. Morgan are raising equity. Dow Jones and S & P reached their highest levels since January and November, respectively. So, if there are these signs of American recovery -- the recovery of the economy that you have been contributing too as well and benefiting from -- these are also signs that the global gloom is lifting. And when the rebound comes, we in the Philippines will be poised for growth and a balanced budget. In this time of need, because we are still in time of need, we should continue to make tough choices that benefit the nation. As I said earlier, the government for its part must live within its means as a normal Filipino family does. But having said that, it is also essential to understand that one key to having kept our economy strong at home, has been a strong engagement with other countries abroad. Through aggressive engagement, we’ve championed our OFWs. We have brought in new foreign investment. We have kept the Philippines top of mind with world leaders. And now more than ever, you our Overseas Filipinos, are keeping our nation resilient in times of global challenge. Thanks to your unswerving dedication, you our far-flung heroes have been a major contributor to our nation’s economic resilience. That is why I spare no effort to visit our valiant heroes across the globe, from the Middle East to the Midwest in the U.S.A., from Asia to North America to Brazil, you our Overseas Filipinos are first and foremost great patriots and great family men and women, and we salute you. Maraming salamat. Everyone must step up and share in moving the nation forward. Friend and foe alike must all join hands to see our nation through these times. It is important -- and I saw some young Filipino-Americans here -- it is important that our next generation will have hope and opportunity and not be mired perennially, permanently in economic paralysis. The coming year will continue to be a challenge. At home in the Philippines and here in the United States, but I remain hopeful and optimistic. The global economy will still buffet our nation. America, as I said, were beginning to recover according to most of the economists but that recovery is not necessarily going to be rapid recovery. So, therefore, there is still work to be done on the economy this year and next year. And we will remain vigilant to keep the recession from our shores. What I would like to ask the FILUSA and the Filipinos here is to convey to our other Filipino compatriots here in the U.S.A. that we, I -- and I think the members of Congress who are here with me today, and I think Senator Santiago, she’s here with us today, and I think our Cabinet members who are here with us today -- I think they will agree that I speak for them when I say that we will do everything within our grasp to keep the nation and the economy steady. Filipinos are very special. We’re among the most optimistic people in the world. And this optimism about our future keep showing survey after surve. So, I would like to ask FILUSA, the newly-organized organization that wants to communicate and empower the Filipino… to communicate too and empower the Filipinos here in America -- let us keep the fire of optimism of our people burning. Because if we keep that optimism, and we our officials do our part to keep the nation steady, and each and everyone of the Filipinos in the Philippines and here in the United States where we have the biggest Overseas Filipino community in the world and where the biggest remittances come from. Yes, we must never forget that of the eight million Filipinos living abroad, three million are here in the United States, but you send us two-thirds of all the remittances. And I thank you that inspite of the recession in the United States tuloy-tuloy pa rin ang tulong ninyo sa ating bansa. So, with our Filipinos in the United States, and especially here in the Los Angeles area where within the United States we have the biggest community of Filipinos here. With you continuing to support us, as I have seen in your placards, then we can really say that we can be in good stead and our country are still in good hands. Good hands not only of the leaders of the government, good hands in the form of the hands of the leaders of the communities not only in the Philippines but here among the Filipino-Americans in Los Angeles and in the United States. Mabuhay ang ating mga Pilipino dito sa Amerika! Maraming salamat sa inyong lahat. |
