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PIA Press Release
2008/02/05

Administration focused like a laser pointed on frontloading infrastructure boom - PGMA

Manila (5 February) -- "Focused like a laser pointed on frontloading the infrastructure boom and expansion of public services."

That was how President Gloria Macapagal-Arroyo described her administration in her speech before the Filipino Chinese community at the Spring Festival Reception at the Manila Hotel Monday night (Feb. 4).

The dinner that kicked off the Chinese New Year celebration tomorrow (Wednesday, Feb. 6) was hosted by the Embassy of the People's Republic of China (PROC) at the hotel's Centennial Room.

Enthusing about the resilience of the Chinese people in springing back from disaster central and eastern China being in the midst of heavy snowfall that has devastated its agricultural lands President Arroyo revealed to the Filipino-Chinese leaders about how the Philippines itself is keeping its economy resilient.

"To keep our economy resilient to major economic disruptions, we have ordered a surge in infrastructure spending P200 billion from the national government, government corporations and local governments; three thousand kilometers of roads and 10,000 school buildings these are a firewall against the world volatility and as a springboard for further growth," The President said.

"We are able to do this because of the additional resources generated by our economic reforms. Our economy, through those reforms, has reached a new level of maturity and stability with some of the strongest macroeconomic fundamentals in a generation," the President added as she thanked Chinese Ambassador to the Philippines Song Tao "for acknowledging a 7.3 percent growth rate (in the Philippine economy)."

"Seven years ago, no one thought we could get more revenues, cut down on tax cheats, strengthen the peso and move the stock market. No one thought we could bring the budget close to balance, lower our national debt and raise employment, but we have," the President said.

"Today, the Philippines is on a path to permanent growth and stability. Investments are pouring in," the President enthused, mentioning China's Jinchuan, Citic and Jilin Nickel as "some of the investors who have expressed interest in projects in the Philippines." (OPS) [top]

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