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PIA Press Release

NEDA chief warns vs economically-costly political distability at time of global economic crisis

Tacloban City (June 6) -- NEDA Secretary Ralph G. Recto called on all Filipinos to remain focused and united in the effort to navigate the country's economy through this time of global economic crisis.

"There is an economic cost to political instability and political uncertainty. In this challenging time of the global economic crisis, let us not add more shocks to our resilience," the Socio Economic Secretary underscored.

Secretary Recto warned against the economic cost that may ensue from the current spat about Charter Change.

"What concerns me from where I sit in NEDA are the impacts of such political discussions on the economy," Secretary Recto said.

Secretary Recto said that Gross Domestic Product barely posted growth of 0.4 percent in the first quarter. A key drag on growth was the 0.8 percent growth in personal consumption and the 16.5 percent contraction in capital formation. These are directly linked to public sentiment, Secretary Recto said.

"Simply put, an anxious outlook results in timid consumption and investment spending," the Socio Economic Planning Secretary added.

The House Committee on Constitutional Amendments on June 1, Monday, approved the controversial measure pushing for a constituent assembly that would amend the 1987 Constitution.

In a special meeting, lawmakers voted 22-10 on the motion of Maguindanao Rep. Didagan Dilangalen to have the measure approved and sent to the plenary for deliberations.

Militant groups have then scheduled major rallies against con-ass. Others militant groups even threatened Con-Ass solons to public trial.

It is hoped that cooler heads will prevail. It is prayed that the leadership of both chambers of Congress will see the light and settle the issue amicably through win-win solutions. (PIA 8) [top]

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