PGMA's Closing Message for Local Roadshow Conducted by Bangko Sentral ng Pilipinas called "Briefings 2002" |
Office of the President, Malacanang (08 February 2002) |
| GOOD DAY, LADIES
AND GENTLEMEN. A YEAR AGO, WE ACCEPTED THE CHALLENGE TO RETURN THE PHILIPPINES TO THE PATH OF PROGRESS. OUR VISION IS PROMOTING PROSPERITY AND IMPROVING THE QUALITY OF LIFE OF OUR PEOPLE. I AM PLEASED TO SAY THAT THIS VISION IS BEARING SIGNIFICANT AND TANGIBLE RESULTS. THROUGH OUR COLLECTIVE WORK, WE HAVE PUT THE PHILIPPINE ECONOMY BACK ON THE ROAD TO SUSTAINABLE DEVELOPMENT. WE HAVE GAINED A SIGNIFICANT MEASURE OF CONTROL OVER OUR BUDGET DEFICIT, MET OUR INFLATION AND INTEREST RATE TARGETS, STABILIZED THE FOREIGN EXCHANGE RATE AND POSTED A HEALTHY GROWTH RATE LAST YEAR OF APPROXIMATELY 3.7 PERCENT DESPITE HEAVY CONSTRAINTS IMPOSED BY THE GLOBAL ECONOMIC ENVIRONMENT. THE IMPLEMENTATION OF OUR ECONOMIC PLAN WILL CONTINUE TO REVOLVE AROUND FOUR COMPONENTS: AN ECONOMIC PHILOSOPHY OF FREE ENTERPRISE APPROPRIATE TO THE GLOBALIZATION OF THE 21st CENTURY A MODERNIZED AGRICULTURAL SECTOR FOUNDED ON SOCIAL EQUITY AND ENHANCED PRODUCTIVITY; A SOCIAL BIAS TOWARD THE DISADVANTAGED TO ENSURE THAT OUR ECONOMIC GROWTH BRINGS PROSPERITY TO MANY AND NOT JUST A FEW; AND, AN UNWAVERING COMMITMENT TO RAISING THE MORAL STANDARDS OF GOVERNMENT AND SOCIETY. FOR 2002, WE WILL FURTHER STRENGTHEN THE RESILIENCE OF THE ECONOMY IN THE FACE OF DOMESTIC AND EXTERNAL SHOCKS. WE SHALL FORTIFY THE BANKING SECTOR, ADDRESS CORPORATE GOVERNANCE DEFICIENCIES AND EXPAND OUR REVENUE SOURCES AND GDP BASE. ALL OF THESE SHALL BE DONE IN CONCERT WITH STEPS TO MAINTAIN A STABLE MACROECONOMIC ENVIRONMENT AND CONTINUED SUPPORT FOR OUR STRONG AGRICULTURAL AND SERVICE BASE. THE PRIVATE SECTOR MUST BE THE DRIVING FORCE OF THE ECONOMY. IT MUST UNDERTAKE THIS ROLE BY GENERATING INCREASED LEVELS OF PRODUCTIVE EMPLOYMENT OPPORTUNITIES AND BY ENHANCING THE COMPETITIVENESS OF KEY INDUSTRIES. ON OUR PART AS A PRO-BUSINESS GOVERNMENT, WE AIM TO PROVIDE THE COUNTRY WITH THE REQUIRED PUBLIC INFRASTRUCTURE IN THE FORM OF ELECTRICITY, MASS TRANSIT SYSTEMS, ROADS, BRIDGES, TELECOMMUNICATIONS AND PORTS, COMPETITIVE INVESTMENT INCENTIVE PACKAGES, AND SECTOR SPECIFIC INVESTMENTS IN TRAINING TO SUPPORT THE PRIVATE SECTOR. FURTHERMORE, WE ARE LOOKING AT CREATIVE EFFORTS THAT WILL FUEL THE GROWTH OF SMALL AND MEDIUM ENTERPRISES, SUCH AS NOVEL FINANCING AND TECHNOLOGY TRANSFER ARRANGEMENTS. WE SHALL ALSO WORK WITH CONGRESS TO PURSUE LEGISLATION TO SUPPORT PRIVATE SECTOR ASSET MANAGEMENT INITIATIVES AND THE STABILITY OF DOMESTIC INTEREST RATES. SINCE THE START OF THE YEAR, WE HAVE SHIFTED TO INFLATION TARGETING. THIS INCREASES THE ACCOUNTABILITY AND TRANSPARENCY FOR MONETARY POLICIES THROUGH A SYSTEM OF REGULAR REPORTING. THESE MOVES ARE COMPLEMENTED BY INITIATIVES IN AGRICULTURAL MODERNIZATION, INCLUDING INVESTMENTS TO REHABILITATE IRRIGATION FACILITIES, CONSTRUCT POST-HARVEST FACILITIES AND ASSIST WITH MARKETING AND RESEARCH AND DEVELOPMENT. I CANNOT EMPHASIZE ENOUGH THAT ECONOMIC GROWTH IS OF NO VALUE IF IT IS NOT LINKED TO GOOD GOVERNANCE PRACTICES REQUIRED TO SUSTAIN IT. MOREOVER, WITHOUT PEACE AND SECURITY, OUR EFFORTS TO ENCOURAGE GROWTH WILL ALSO FALL SHORT. WE MUST CONTINUE TO WORK AND DELIVER ON BOTH FRONTS. AN EXAMPLE IS OUR CONTINUING DEVELOPMENT THRUSTS IN THE REGIONS OF VISAYAS AND MINDANAO. OUR REGIONAL DEVELOPMENT STRATEGY SEEKS TO REDUCE DISPARITIES BY ENCOURAGING THE GROWTH OF URBAN CENTERS OUTSIDE METRO MANILA, SO THAT THEY CAN BECOME ATTRACTIVE INVESTMENT DESTINATIONS ON THEIR OWN. OUR NATIONAL ECONOMY WILL ONLY BENEFIT FROM A DISPERSED, BUT CLOSELY INTEGRATED SYSTEM OF URBAN CENTERS. IN CLOSING, I REITERATE THAT WE HAVE A STRONG AND UNIFIED PLAN IN PLACE AND THAT IT IS WORKING TO SUCCESSFULLY REFORM AND BUILD THE PHILIPPINE ECONOMY. I NOW FACE 2002 WITH A SENSE OF EXCITEMENT AND OPTIMISM, AS OUR FUTURE LOOKS MUCH CLEARER THAN BEFORE. I ENJOIN EVERYONE TO WORK TOGETHER AND SUPPORT OUR ECONOMIC PLAN, WHICH WILL ENSURE THE SUSTAINABILITY OF OUR PRECIOUS GAINS IN NATIONAL DEVELOPMENT AND MOST OF ALL, IN THE FIGHT AGAINST POVERTY. THANK YOU. |