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PIA Press Release
2008/11/06

PGMA: Overall economic plan saves RP from negative impact of global financial crisis

Manila (6 November) -- President Gloria Macapagal-Arroyo said that her administration's successful implementation of financial and economic reforms has insulated the Philippines from the shocks brought about by the global credit crunch.

"Kung hindi dahil sa mga repormang ipinatupad natin sa nakaraang pitong taon, disinsana'y naging mas malala ang kalagayan natin ngayon, gaya ng ibang mga developing countries," the President said in her address at the first founding anniversary celebration and ground-breaking rites of the proposed two-hectare Bulacan Polytechnic College (BPC) campus in SJDMC.

She cited the latest assessment of Standard and Poor's, a leading international credit agency, that despite the worldwide economic slowdown brought about by the US financial crisis, "the Philippine economy became an island of relative calm in a very stormy sea of global uncertainty."

The President added that the economic and financial reforms she initiated were instituted in anticipation of the financial problems the likes of which the world is experiencing today.

"During these troubled times, it is the role of government to help insulate the Filipino people from these price shocks and economic pressures," she said.

She stressed that even before the global economic slowdown, the government had been continuously working to keep the prices of basic commodities affordable; bring down the prices of imported crude oil, and at the same time provide decent jobs and quality education to the youth.

In her speech, the President urged the BPC officials and faculty members to remain firmly focused on the task of providing equality education to their students and help the government to meet its aim that someday working abroad is a career option, and not the only option for Filipino worker.

"Our economic plans are designed to allow the Philippines to break of this cycle of working abroad. That is why we remain so stubbornly focused on our economy. We need to spread the wealth and keep the people working here at home," she said.

She also urged BPC students to take their studies seriously in order for them to get employed in high-paying jobs either here or abroad, when they finish their studies.

"Tinatawagan natin ang mga kabataan - ang susunod na henerasyon ng Bulacan na makikinabang sa mga ituturo ng Bulacan Polytechnic - tinatawagan kayo na makilahok sa pagtunggali laban sa mga pahirap na dala ng pandaigdigang unos. Mag-aral kayong mabuti, tapusin ninyo ang inyong mga kurso sa takdang panahon, at nawa'y makatrabaho agad, abroad kung gusto, ngunit dito kung gusto," the President added.

Upon her arrival here, the President viewed the scale model of the proposed BPC campus and led the lowering of the time capsule to signal the start of the construction of the three-storey, P150-million BPC campus.

With the President during the ground-breaking rites were Bulacan Gov. Joselito Mendoza, Lone District Rep. Arthur Robes, SJDMC Mayor Eduardo Roquero, BPC president Jerry Cruz, and Legislative Council president Robert Smith of the Parliament House of East Melbourne, Australia.

In his project briefing, Rep. Robes informed the President that the proposed three-storey school building will have 28 classrooms and a gymnasium. The construction is expected to be completed in October next year.

He told the President that the BPC project aims to provide delivery of technical educational services in the lone district of SJDMC and its neighboring towns.

The BPC has three campuses in the province, one in this town, one in San Miguel and another in Obando.

During the program, the President also witnessed the turnover of the Usufruct Agreement by National Housing Authority (NHA) General Manager Federico Laxa to Gov. Mendoza, Rep. Robes and Mayor Roquero.

Under the Usufruct Agreement, the NHA allowed the provincial government of Bulacan to use the two-hectare portion of the 5.88-hectare property of the agency as the BPC campus.

The construction of the BPC is part of the administration's initiative to provide technical and quality educational services in the lone congressional district of the city and its neighboring municipalities. (PIA-MMIO) [top]

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