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PIA Press Release

PGMA: Pass the solutions, not the buck

Manila (4 February) -- President Gloria Macapagal-Arroyo has pitched in a word of advice for other developing countries, which in gist says: Don't place the blame for the current global economic meltdown on a certain country. Instead, it's time for looking for the solution.

The worldwide economic slowdown that started in the United States is affecting other countries including the Philippines.

But President Arroyo is not cowed by the global crisis.

During the plenary session of the recent annual World Economic Forum (WEF) held in Davos, Switzerland, President Arroyo said that the Philippines has done its homework and set aside the reserves it will need this year to face the crisis.

The Chief Executive pointed out: "Everyone benefited from American prosperity. This is not a time to place the blame. It is time to find solutions."

Among the solutions adopted by the Philippine government is the provision of its own economic stimulus fund and for its line agencies to put up emergency programs geared towards providing more employment and livelihood opportunities for Filipinos especially those who have been affected by the crisis.

In the provinces including Capiz, the government has been sustaining the implementation of micro, small and medium enterprises (MSMEs) and helping jobseekers find greener pastures at home and abroad, as well as providing so-called "pantawid" social welfare subsidies.

Local government units also are pitching in their share in helping their constituents meet with the economic challenge.

Cabinet Secretaries Alberto Romulo for foreign affairs, Peter Favila for trade and industry, Arthur Yap for agriculture, and Margarito Teves for finance accompanied President Arroyo to the World Economic Forum. (OP/PIA-JSC) [top]

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