Statement of the President Re: Foreign debt
Manila (1 April) -- The yoke of foreign debt is slowly being lifted from the shoulders of the people as the Government continues to respond to one of the most telling issues in our contemporary history.
We cannot blame the past for our huge debt burden, but we can do something about it if we keep politics in the sidelines, fix up our fiscal house, shore up investment and growth, and bring the productivity and excellence of the Filipino to the forefront.
The declining debt of the country is part of cleaning up the mess of the past and taking the high road to the future. Less debt means a stronger fight against poverty; accelerated debt payments mean broader confidence in the Philippines and more investments and jobs for the people.
Less debt also means investing more in people as we pave the way for greater economic and political security to increase our competitive edge in the world and liberate millions from the specter of cyclic destitution.
I am determined to strike up the tempo of reform and keep our sights focused on the economy and the people's business. (OPS) [top]