GMA Sees Bright Economic Progress Ahead

MANILA - Citing the country’s sustained economic growth over the last six years, President Gloria Macapagal-Arroyo stressed Tuesday that there will be no turning back in her efforts to lift the nation up, a government statement said.

In a speech at a Conference on Economic Growth hosted jointly by the Economic Journalists Association of the Philippines (EJAP) and the Manila Overseas Press Club (MOPC) at the Shangri-La Hotel in Makati City, the President pointed out why the nation is better off today than it was six years ago, it said.

"We have proven that we can sustain economic growth and not be derailed by political sideshows," she explained. "We aim to stay this course and prove to ourselves and to the world that the Philippines has arrived…"

The President said that the painful steps her government took like the tough economic and fiscal reforms she initiated, are finally paying off.

She emphasized that for the first time in a long time, the Philippines is doing what every household should be doing – moving towards a balanced budget and not borrowing.

"We have forged new partnerships that have created five million more jobs. We have strengthened military and security alliances with the rest of the world, cracking down on terrorists that have made our barangays and our nation more peaceful, more stable," she said.

The Chief Executive then thanked the House of Representatives for ratifying the anti-terror bill which she described as a potent weapon and armor in the fight against terror.

Reforming the economy, according to the President, is not an easy task. "It is not easy to raise revenues by raising taxes and making people angry. It is not easy to crack down on tax cheats but necessary if we are to invest in education and health care. It is not easy to balance the budget but necessary to modernize the nation and lift up the poor," she explained.

In the next three and a half years, the President said her administration will invest a trillion pesos to build the infrastructure that will support the economy and attract further investments.
It will focus, she said, on her national agenda of more jobs, stable prices and peace and order. It will also push for a green Philippines agenda "to improve the environment and beautify our communities."

"We’re working hard to create an environment conducive to businesses and economic growth," she pointed out.

President Arroyo then outlined five comprehensive strategies for competitiveness, namely:
* Make food plentiful and affordable.* Reduce cost of electricity.* Modernize infrastructure at the least cost.* Mobilize, upgrade and disseminate knowledge and technologies for productivity.* Reduce red tape in all agencies to cut business costs.

The President said there is still much to be done "if we are to work for a just modern and prosperous nation."

"We challenge the business community therefore to take a bigger stake in the country’s development," she said. "This partnership with the government should focus on the exchange of new ideas to propel the economy forward. It should be about fighting for a stronger nation," she added.