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PIA Press Release

PGMA's boast: RP has best shield vs worst effects of global food, fuel crisis

By Miriam P. Aquino

San Fernando City, La Union (17 July) -- President Gloria Macapagal-Arroyo boasts that our country has prepared the best shield against the worst effects of global food and fuel crisis, and this is because her administration has made the right moves in its successful implementation of its fiscal measures.

Tough decision as it may seem, the President's firm decision to impose bold fiscal measures has indeed resulted to more revenues, which the government is now spending for the rehabilitation and upgrading of infrastructure projects such as bridges, highways, ports, airports, and other facilities that intended to create more new jobs, and much bigger allocation for health and education of the poorest of the poor.

Amid calls for the suspension on the implementation and scrapping of the Value Added Tax on imported oil, the chief executive stood firm and unmoved on not lifting the VAT because if this has been the case, surely the government would hardly had enough fund to used for its pro-poor programs intended to soften the impact of this worldwide malady.

The President explained that out of the P4-billion revenue generated by VAT during the second quarter of 2008, more pro-poor projects would be properly funded that would benefit the majority of the Filipino people.

The government is focused on widening the fiscal reform by bringing interest rates down and making the Philippine peso stronger than its current status vis--vis the US dollar.

The President has instituted policy reforms to ensure "a more stable economy" to leave behind her successor come 2010. (PIA La Union) [top]

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