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PIA Press Release
2006/10/02

Govt's economic plans working, PGMA tells Filipino community in Hawaii

Quezon City (2 October) -- President Gloria Macapagal-Arroyo said on Saturday (Sept. 30) that her aggressive trade policy -- an important benchmark of her overall economic plan -- is now bearing fruit as evidenced by the strong peso, the upsurge of the stock market, increased direct foreign investment and steady inflation.

In her speech read by Press Secretary and Presidential Spokesperson Ignacio R. Bunye at the National Federation of Filipino American Associations (NFFAA) held at the Hilton Hawaiian Village in Honolulu, Hawaii, the President said that her economic plans, once pushed to its completion, will break the cycle of Filipinos seeking greener pastures abroad as a matter of necessity.

"I hope for a day when leaving the Philippines would be a career choice and not a matter of necessity," the President said, adding that her "economic plans are designed to do just that, to allow the Philippines to break out of this cycle."

The President said she is "stubbornly focused" on the economy and the successful completion of her Super Regions Plan in order that the country's economic climate will improve and, hopefully, entice Filipinos to work in the Philippines instead of working abroad.

"As an economist, I firmly believed then, and I believe until now, in the power of the marketplace and open markets to improve the Philippine economy and to help lift the nation out of poverty. Aggressive trade policy, locally and internationally, has been an important benchmark of my overall economic plan, which is now bearing fruit: the peso is up, the market is up, exports and imports are up, foreign direct investments are up, investors are reinvesting and inflation is steady," she said.

She also said that "new taxes, improved collections and a crackdown on corruption" have helped reform the "huge deficits, a bloated budget, dysfunctional bureaucracy and the worst revenue collection in a decade" she inherited from the past administration.

"I know that I needed to make fundamental reforms that would help drive our credit ratings up to improve our cost of borrowings and invite investments. I have done that through new taxes, improved collections and a crackdown on corruption," the President said. (PIA) [top]

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