P hilippine economic managers say the domestic economy is strong enough to face the global financial turbulence.

The economic team said in a statement that it is working with the Bangko Sentral ng Pilipinas (BSP) in monitoring developments in the global financial markets.

“The economic and fiscal reforms that we have implemented in recent years, through the cooperation of Congress, have resulted in the strengthening of our macroeconomic fundamentals and our banking system,” it said.

The team has identified action plans in a bid to further power up the domestic economy. These action plans include accelerating infrastructure and agriculture spending, fast-tracking of financial sector reform measures, revenue collection improvement by way of enhanced tax administration and legislative measures, and reduction of regulatory bottlenecks for strategic industries.

The team admitted that the country, “like many countries around the world, are not insulated from the events in the United States and the slowdown in the global economy.’

“But we believe that the Philippine economy will remain resilient amid these challenges,” the statement added.

Government executives have earlier given the same assurance to the public.

BSP Governor Amando Tetangco, Jr. said they are closely monitoring developments particularly in the US, now that the $ 700 billion rescue plan of the US government has been approved by the United States Congress and signed into law by President George W. Bush.

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PGMA’s Speech during the Opening of the Masskara Festival

Wednesday, October 01, 2008, Bacolod City

Governance

“This time, the government is averting the effects of an economic slowdown brought about by the volatile global economic situation. This is a global phenomenon. These global forces are causing real difficulties for countries around the world. We have been working hard on all fronts to manage inflationary pressures, provide a safety net to those hit hardest by these global developments and deliver the growth that will continue to generate jobs, and the tax revenues we need to invest in our nation's future.”

Social Services

“Food stability and security is a major priority for the government. We have been working hard to make sure that food supplies remain stable and to put food on the table.”

“We have increased and stabilized the supply of rice and delivered targeted subsidies to the poor; we have reached out to neighbors like Vietnam and others in ASEAN and elsewhere to ensure a stable supply and affordable prices. While the situation has been stable, we will not be complacent. We will continue to monitor the global situation.”

“On the same token, we are working hard to strengthen the banking system, improve our fiscal health, and encourage investment to sustain our economic growth momentum and to insulate our economy from volatility in world markets.”

Peace and order

“The Communist rebels used to impede the progress and development of a number of rural areas at nagmamartsa pa sa sentro ng Bacolod. They are responsible for a wide range of human rights abuses. Bacolod will become a tourism and call center destination because we are succeeding in putting a stop to their ideological nonsense and their criminal acts.”

“The Communist rebels used to impede the progress and development of a number of rural areas marching at the center of Bacolod. They are responsible for a wide range of human rights abuses. Bacolod will become a tourism and call center destination because we are succeeding in putting a stop to their ideological nonsense and their criminal acts.”

Full text of speech available at http://www.op.gov.ph/speeches.asp

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