PGMA's During the Real Estate and Housing Industry Pledging Session Organized by CREBA-SHDA

PGMA's During the Real Estate and Housing Industry Pledging Session Organized by CREBA-SHDA

Heroes Hall, Malacanang (Nov 20, 2002)

THANK YOU VERY MUCH, MIKE FOR YOUR VERY KIND INTRODUCTION. AND THANK YOU
FOR BEING THE FIRST CABINET MEMBER TO SUBMIT YOUR COURTESY RESIGNATION. OF
COURSE, HE WAS THE FIRST CABINET MEMBER BECAUSE HE KNEW THAT I WOULD NOT
ACCEPT HIS COURTESY RESIGNATION.

I'D LIKE TO ALSO GREET NANI BRAGANZA, WHO I HEARD IN THE PAPERS WAS THE
SECOND CABINET MEMBER TO SUBMIT HIS COURTESY RESIGNATION. I DIDN'T GET TO
SEE IT I THINK BECAUSE SINCE I HAD SAID THAT I WOULD NOT BE ACCEPTING
COURTESY RESIGNATIONS, THE RECORD SECTION DIDN'T BOTHER TO SEND HIS
COURTESY RESIGNATION FORWARD TO ME; I'D LIKE TO GREET OUR CONGRESSMEN WHO
ARE SO SUPPORTIVE OF THE HOUSING SECTOR. THERE'S ED ZIALCITA WHO IS
FROM METRO MANILA AND BOY NOGRALES FROM THE BUSINESS
DISTRICT OF DAVAO CITY; THANK YOU TO FLORENTINO DULALIA, PRESIDENT OF CREBA
AND OTHER MEMBERS OF CREBA, THANK YOU FOR YOUR PLEDGE OF MORE THAN 300,000
HOUSING; THANK YOU TO PRESIDENT ATENCIO AND THE OTHER MEMBERS OF
SHDA, THANK YOU FOR YOUR MORE THAN 200,000 HOUSES PLEDGE; THANK
YOU ALSO TO THE VARIOUS OTHER ASSOCIATIONS WHO ARE HERE TONIGHT.
PRESIDENT... AH, CHAIRMAN YAMSON AND THE OTHER MEMBERS OF BUILDERS ALLIANCE
TOWARDS ACTION OR BATA, MAYBE THAT MEANS YOU ARE THE YOUNGER
BUILDERS; AND TO JEAN MENGUITO, VICE PRESIDENT OF WOMEN IN SHELTER AND
ENVIRONMENT. THANK YOU FOR TELLING ME AS WE WERE HAVING OUR SOUP
THAT THIS IS THE HAPPIEST TIME IN A LONG TIME FOR THE HOUSING INDUSTRY;
THANK YOU TO CAFE DE MANALAD FOR BEING HERE. ALSO FOR BEING ONE
OF MY VERY SMALL GROUP OF CAMPAIGNERS THE FIRST TIME I RAN FOR SENATOR IN
1992, THANK YOU; ATING CACUNG CABALEN, CHAIRMAN WILFREDO TAN OF
THE ORGANIZATION OF SOCIALIZED HOUSING DEVELOPERS IN THE PHILIPPINES OR
OSHDAP, THANK YOU ALSO FOR CONTINUING TO BUILD SOCIALIZED
HOUSING EVEN IF IT IS NOT AS PROFITABLE AS THE MIDDLE- CLASS HOUSING IN OUR
COUNTRY; WELL I'D LIKE TO GREET ALSO THE OTHER OFFICIALS UNDER HUDCC, AND
THIS IS HUDCC VICE CHAIR AMADO BAGATSING WHO... WHO WHEN HE WAS
IN CONGRESS ALSO HE USED TO BE CALLED THEIR FATHER OR GRANDFATHER AS THE
CASE MAYBE OF THE HOUSING BILLS; AND TO BENJAMIN BONGOLAN, PRESIDENT OF
HGC. NOW THAT YOU HAVE YOUR BOND FLOTATION, HE'S GOT LIQUID
MONEY AGAIN FOR HIS OPERATIONS; ROMY FABOL, CONGRATULATIONS. THANK YOU FOR
YOUR MOMENTOUS BOARD RESOLUTION TODAY, AND ATTY. QUIMPO.
I WANT TO ASK YOU, MEMBERS OF THE INDUSTRY, SHALL I CONVERT HIS
ACTING STATUS TO PERMANENT? AND TO ALL
OF YOU DISTINGUISHED GUESTS; LADIES AND GENTLEMEN:

THANK YOU, OFFICERS AND MEMBERS OF ALL THE ORGANIZATIONS WHO ARE PRESENT
HERE TODAY -- SHDA AND CREBA - FOR THIS UNPRECEDENTED RESPONSE TO OUR CALL
TO BUILD HOUSES FOR OUR WORKING CLASS. AND THANK YOU FOR THIS SHOW OF
SUPPORT FOR MY ADMINISTRATION.

I WAS READING A COLUMN THAT SAID THAT THE BUSINESS COMMUNITY HAS GIVEN UP
ON ME. I CAN SEE THAT YOU HAVEN'T GIVEN UP ON ME. THANK YOU FOR YOUR
HELP.

AND I BELIEVE THAT YOUR HOUSING UNITS WILL ENJOY GOOD SALES BECAUSE THE
ECONOMY NO MATTER WHAT THEY SAY -- WHAT THE CRITICS SAY -- THE NUMBER SHOW
THAT THE ECONOMY IS ON TRACK TO ACHIEVE A 4 TO 4.5 PERCENT GROWTH IN 2002,
COMPARE THIS TO HONG KONG WHICH HAS GONE BACK TO RECESSION; SINGAPORE
WHICH IS ON RECESSION; JAPAN WHICH IS AT ZERO PERCENT GROWTH RATE; AND EVEN
THE U.S. WITH ITS DICEY NUMBERS COMING IN TO 2003. YES, THE DEFICIT
REMAINS A CHALLENGE. WE GOT TO FACE THAT. BUT WE ARE TAKING CONCRETE
STEPS TO ADDRESS IT. THAT THE ECONOMY IS ON TRACK TO MEET ITS 2002 GROWTH
PROJECTIONS IS EVIDENCED BY THE BETTER-THAN-EXPECTED PERFORMANCE OF
LEADING INDICATORS IN THE FIRST SEMESTER.

TAKE FOR INSTANCE INFLATION RATES AND INTEREST RATES, THEY ARE AT RECORD
LOWS, AND I HOPE THAT THE LOW INTEREST RATES WILL HELP YOUR HOUSING PROJECTS.INFLATION AVERAGED 3.2 PERCENT IN THE FIRST
SEMESTER AND IS EVEN LOWER TODAY. AND I BELIEVE THIS LOW INFLATION RATE IS
REFLECTED IN THE CEMENT PRICES THAT YOU HAVE TO PAY FOR. SO I HOPE THAT
THE GOOD CEMENT PRICES WILL ALSO MAKE YOUR HOUSING PROJECTS MORE
PROFITABLE. INTEREST RATE AVERAGED 5.54 PERCENT IN THE FIRST SEMESTER, THE
LOWEST IN MORE THAN A DECADE.

SO, IN AS MUCH AS GDP GREW AT 4.1 PERCENT IN THE FIRST SEMESTER, WE ARE
QUITE SURE THAT THE SECOND SEMESTER GDP WILL GROW AT AT LEAST 4 PERCENT.

NOW, LET'S TAKE THE OTHER INDICATORS -- EXPORTS. WHAT DID WE EXPECT
EXPORTS TO BE IN 2002? WE EXPECTED EXPORT GROWTH TO BE ZERO BECAUSE THEY
WERE NEGATIVE LAST YEAR. BUT RATHER THAN BEING ZERO IN THE FIRST SEMESTER
THEY GREW AT 8.8 PERCENT. AND NOW, THEY ARE EVEN GROWING AT DOUBLE DIGIT.
SO THAT AUGURS WELL FOR OUR KEEPING THE ECONOMY GROWING ON TRACK.

IMPORTS. IMPORTS ARE AN INDICATOR OF ECONOMIC ACTIVITY, AND I AM HAPPY THAT
THE IMPORTS THAT ARE COMING IN ARE MAINLY INPUTS FOR VALUE-ADDED EXPORTS
AND THEY GREW BY 7.8 PERCENT AS OF AUGUST ALTHOUGH WE WERE ONLY EXPECTING
IMPORTS TO GROW AT 6 PERCENT. SO BETTER THAN EXPECTED.

GROSS INTERNATIONAL RESERVES. WE EXPECTED THAT THE GROSS INTERNATIONAL
RESERVES WOULD BE 14.8 BILLION DOLLARS OR WORTH 4 MONTHS OF IMPORTS BUT
THEY ARE INSTEAD 15.9 BILLION DOLLARS WORTH 5 MONTHS OF IMPORTS. SO ALL OF
THESE ARE INDICATORS OF GROWING ECONOMIC ACTIVITY AND ALSO STABILIZATION IN
OUR ECONOMY.

BUT AS I SAID, WE ARE NOT WE ARE NOT PRETENDING THAT THERE IS NO BUDGET
DEFICIT PROBLEM. THE REASON WHY WE ARE WORKING ON THE BUDGET DEFICIT IS
THAT WE DO NOT WANT THE BUDGET DEFICIT TO CONTRADICT OUR LOW INTEREST RATE
POLICY WHICH IS SO IMPORTANT FOR YOUR HOUSING.

THUS, WE REMAIN FOCUSED ON RESPONSIBLY MANAGING EXPENDITURES AND
MAXIMIZING REVENUE. EXPENDITURES ARE ON TRACK, THEY PROVIDE ADEQUATE
STIMULATION TO THE ECONOMY WHILE REMAINING WITHIN THE BUDGET AUTHORIZED BY
CONGRESS.

YES, EXPENDITURES NOW ARE A BIGGER PERCENTAGE OF OUR BUDGET COMPARED TO
PREVIOUS YEARS BUT THAT LEVEL OF EXPENDITURE RELATIVE TO THE AUTHORIZED
BUDGET MEANS THAT WE ARE MORE EFFICIENT IN OUR DISBURSEMENT AND WE HAVE
FASTER PROJECT IMPLEMENTATION. CONTROLLING THE BUDGET DEFICIT, OF COURSE,
IS SOMETHING THAT WE ARE DETERMINED TO WORK ON. AND WE WILL OPERATE THIS
IN TANDEM WITH A STRINGENT ANTI-CORRUPTION CAMPAIGN REINFORCED WITH ICT --
INFORMATION TECHNOLOGY-DRIVEN REFORMS -- IN DISBURSEMENT OF FUNDS AND
PROCUREMENT. WE ALSO HAVE A QUIET BUT STEPPED UP CAMPAIGN AGAINST TAX
EVASION.

GUILLERMO PARAYNO, MY NEW MAN AT THE BUREAU OF INTERNAL REVENUE, WHICH
COLLECTS 80 PERCENT OF OUR TAX REVENUES IS PRECEDED BY HIS IMPRESSIVE
RECORD AS COMMISSIONER OF CUSTOMS. HE HAS THE PERSONAL INTEGRITY, THE
TECHNOLOGICAL COMPETENCE AND THE PEOPLE'S SKILLS TO MEET THE TARGET SET FOR
THE REST OF THE MEDIUM-TERM PLAN PERIOD.

UNDER HIS LEADERSHIP, SEVERAL ENFORCEMENT MEASURES ARE ALREADY IN PLACE
TO INCREASE REVENUE COLLECTIONS ESPECIALLY FOR THE VALUE-ADDED TAX,
INCLUDING CROSS-CHECKING OF IMPORTATION DATA FROM THE BUREAU OF CUSTOMS
WITH THAT REPORTED TO THE BUREAU OF INTERNAL REVENUE. AND AS A RESULT OF
THIS CROSS-CHECKING, LAST 15th OF THE MONTH, PARAYNO ORDERED THE CLOSURE
OF 53 FIRMS FOR UNDERPAYMENT OF THE VALUE-ADDED AND OTHER TAXES.

AUDIT IS BEING INTENSIFIED FOR BOTH CORPORATES AND INDIVIDUALS. AND NOW WE
HAVE, STARTING OCTOBER, AN ON-LINE PAYMENT OPTION WIDELY AVAILABLE,
COMPLETE WITH VALIDATION SYSTEMS TO MAKE SURE THAT THE VALUE-ADDED TAX SCAM
THAT I DISCOVERED A FEW MONTHS AGO WILL NEVER HAPPEN AGAIN.

ON THE PART OF THE BUREAU OF CUSTOMS, EVERY MONTH IT HAS BEEN PROGRESSIVELY
REDUCING ITS REVENUE GAP UNTIL FINALLY FOR THE MONTH OF OCTOBER, AT LAST IT
EXCEEDED ITS TARGET.

WITH THE REFORMS WE ARE IMPLEMENTING, AND WITH THE REFORMS WHICH WE HOPE
CONGRESS WILL ENACT AS SOON AS POSSIBLE -- LED BY THESE TWO GENTLEMEN WHO
ARE VERY ACTIVE ON THE HOUSE FLOOR THAT WE HAVE AS GUEST TONIGHT -- WE ARE
CONFIDENT WE WILL ACHIEVE HIGHER GROWTH IN 2003 ESPECIALLY WITH THE PUMP PRIMING OF THE DOMESTIC ECONOMY THAT IS PROVIDED BY THE HOUSING SECTOR, THE
SECTOR WITH THE LARGEST MULTIPLIER IN THE ENTIRE ECONOMY.

THE STRUCTURAL REFORMS AT THE BIR INCLUDE: THE BILL TO CORPORITIZE THE
BIR. EXECUTIVE ORDER NO. 119 WHICH I SIGNED REORGANIZING THE BIR WHILE WE
ARE AWAITING THE BILL TO BECOME LAW FOR CORPORITIZATION; THE INDEXATION OF
SIN TAXES, WHICH CONGRESS RECOMMENDED DURING THE SUMMIT THAT FOLLOWED 9-11
AND WHICH I'M HAPPY TO REMIND YOU ARE EARMARKED FOR HOUSING. WHATEVER WE
COLLECT ON THE INDEXATION OF SIN TAXES -- HOW MUCH? ABOUT THREE BILLION
PESOS? -- FIVE BILLION PESOS WILL BE TO FUND HOUSING; (APPLAUSE) ANOTHER
REFORM THAT I HOPE CONGRESS WILL ENACT IS THE RATIONALIZATION OF MOTOR
VEHICLE TAXES.

ON THE EXPENDITURE SIDE, THE EXPENDITURE MANAGEMENT REFORMS INCLUDE THE
PROCUREMENT REFORM BILL BECAUSE THIS PROCUREMENT REFORM BILL WILL ALLOW US
TO SAVE 30 PERCENT OF OUR BUDGET, AND THE E-GOVERNMENT TO ELECTRONICALLY
RELEASE FUNDS TO AGENCIES AUTOMATICALLY FOR A MORE EFFICIENT UTILIZATION
OF FUNDS.

THE BUDGET DEFICIT. I WANT TO EXPLAIN TO YOU TONIGHT WHAT WE ARE DOING TO
ADDRESS IT BECAUSE IT'S A BURNING ISSUE AMONG THE BUSINESS COMMUNITY. BUT
I KNOW THAT TODAY AN EQUALLY BURNING ISSUE IS THE ISSUE REGARDING MERALCO.
AND AS MY PARTNERS IN DEVELOPING THE ECONOMY I WOULD LIKE TO SHARE WITH YOU
AN EXCLUSIVE -- FIRST TIME I'M GOING TO SHARE WITH YOU MY POLICY ON
MERALCO.

MY MIND IS CLEAR ON HOW TO DEAL WITH THIS ISSUE. IT WILL IN THE CONTEXT OF
THE LARGER POWER SECTOR AS THE KEY REFORM AREA FACING US TODAY.

FIRST, WE ARE TAKING STEPS TO ENSURE THE FINANCIAL VIABILITY OF MERALCO AS
AN INSTITUTION. THROUGH THE DEPARTMENT OF ENERGY, THE GOVERNMENT IS
SHEPHERDING A SERIES OF CONSULTATIONS WHICH BEGAN YESTERDAY BETWEEN
MERALCO AND ITS CREDITORS. WE WILL SEE TO IT THAT A REHABILITATION PLAN IS
SET UP THAT IS FAIR TO CREDITORS, INVESTORS, AND MOST OF ALL, THE PUBLIC.

SECOND, THE DECISION OF THE SUPREME COURT REGARDING MERALCO'S OBLIGATIONS
SHALL BE IMPLEMENTED. WE SHALL AWAIT THE FINALITY OF THE DECISION AND THEN
ACT ACCORDINGLY. AND IF THE FINAL DECISION IS REFUND, I WILL MAKE SURE
THAT ONE WAY OR ANOTHER THE CONSUMERS, YOU, THE CONSUMERS WILL GET YOUR
REFUND.

THIRD, I AM DUTY BOUND TO ENSURE THAT THERE WILL BE NO CRISIS IN POWER
SERVICES AS A RESULT OF THESE FINANCIAL PROBLEMS. I'M CONSTITUTIONALLY
BOUND TO SERVE THE PUBLIC INTEREST. NOTHING WILL STAND IN THE WAY OF THIS
FORSWORN DUTY.

MY DECISIONS ON THESE MATTERS WILL NOT BE INFLUENCED BY MY PERSONAL
FEELINGS OR SENTIMENTS. I SHALL PROCEED ON A COMPREHENSIVE APPROACH TAKING
INTO CONSIDERATION THE VIABILITY OF THE COMPANY VIS-A-VIS THE LARGER
INTERESTS OF THE POWER INDUSTRY AND BALANCED AS FORCE AGAINST THE HIGHER
PUBLIC INTEREST.

I SHALL NOT BE SWAYED BY POPULIST POLITICS NOR VESTED INTERESTS. I SHALL
NOT PLEASE THE POOR BY TEARING DOWN THE RICH NOR PLEASE THE RICH BY
TRAMPLING ON THE POOR. WE MUST HAVE AN EVEN KEEL FOR THE SHIP OF STATE.

IN THESE TRYING TIMES, IN THESE TIMES OF REFORM, I THANK GOD THAT I HAVE
YOU AS OUR PARTNERS IN BUILDING A STRONG REPUBLIC BY BUILDING HOMES FOR THE
CITIZENS OF THAT REPUBLIC.

MIKE DEFENSOR MENTIONED TO YOU SOME OF THE KEY HOUSING REFORMS, AND AS YOU
HAVE SAID, THEY AUGUR WELL FOR OUR PARTNERSHIP.

WE HAVE GIVEN THE BANKS THE POLICY SIGNAL INCENTIVES TO FUND DEVELOPERS ON
THEIR OWN. BECAUSE THE GOVERNMENT HAS LIMITED FUNDS BECAUSE OF THE
DEFICIT, AND RATHER THAN GOVERNMENT BEING THE ONE TO PROVIDE YOU WITH THE
FUNDS, WHAT WE ARE DOING IN FACT IS GETTING GOVERNMENT BUREAUCRACY OUT OF
YOUR WAY.

THESE POLICY SIGNALS INCLUDE -- AS YOU HAVE THANKED ME -- IN THE POWER
POINT EXECUTIVE ORDER NO. 45 TO FAST-TRACK THE PROCESSING OF SUBDIVISION
LICENSES AND PERMITS. AND AS YOU HAVE ALSO MENTIONED ALONG WITH MIKE
DEFENSOR, THE LOWERING OF THE END-USER LOAN INTEREST WHICH I HEAR HAS
ALREADY HAD IMMEDIATE AND POSITIVE EFFECT ON SALES. THE INCREASE IN THE
SOCIALIZED HOUSING CEILING TO 225,000 PESOS IS ANOTHER POLICY REFORM THAT
I HOPE I UNDERSTAND YOU APPRECIATE.

BUT EVEN BEYOND THE 225,000-PESO HOUSES, I REALIZE THAT THE MIDDLE-INCOME
HOUSING SUB-SECTOR UP TO 2 MILLION PESOS IS THE MOST BANKABLE SUB-SECTOR
EVEN IF THE MARKET IS NOT AS LARGE AS THE SOCIALIZED SUB-SECTOR. AND SO I
HAVE INCLUDED THIS SUB-SECTOR IN OUR POLICY INCENTIVES.

AND I AM HAPPY THAT THE CENTRAL BANK'S MONETARY BOARD HAS AGREED TO
INCREASE THE LOAN COLLATERAL VALUE FOR HOUSING ACCOUNTS TO 80-90 PERCENT
OF THE LOAN VALUE, ASIDE FROM MIKE DEFENSOR'S 100 PERCENT OF THE LOAN
VALUE. AND THAT THE CENTRAL BANK HAS AGREED TO INCREASE THE AMOUNT FOR THE
REDISCOUNTING WINDOW AND ELIGIBILITY FOR AGRI-AGRA STATUS TO TWO MILLION
PESOS, WHICH THEY WERE ABLE TO DO BECAUSE HUDCC CHANGED ITS DEFINITIONS.

AND AS A BONUS, WE HAVE NANI BRAGANZA WHICH HAS RECENTLY GIVEN ITS RULING
ON MANY PENDING APPLICATIONS. AND OF COURSE PAG-IBIG HAS BEEN GIVEN THE
MARCHING ORDERS THAT IT SHOULD INCREASE ITS ALLOCATION OF FUNDS FOR HOUSING
FROM 15 BILLION PESOS, NOT JUST TO 30 BILLION, BUT TO 70 PERCENT OF ITS
PORTFOLIO. BUT THEY WILL GO FOR 30 BILLION FIRST THEY SAID,
BECAUSE THEY WANT TO BE PRUDENT. OKAY, 30 BILLION AND AFTER THAT WE GO FOR
70 PERCENT.

IN RESPONSE TO THE POLICY SIGNALS AND INCENTIVES, THE BANKS HAVE
COMMITTED, THE PRIVATE BANKS HAVE COMMITTED TO FUND BOTH THE CREDITWORTHY
PRIVATE HOUSING DEVELOPERS AND THE END-USERS ESPECIALLY OF OUR GOVERNMENT
EMPLOYEES' HOUSING VILLAGES IN A PROJECT TO BE PACKAGED BY AN EXPERIENCED
BANKER, DEOGRACIAS VISTAN, AND WE HOPE THAT THIS WILL BEAR FRUIT IN THE
NEXT SIX MONTHS. SO WE HAVE BPI, FIVE BILLION PESOS; AND PHILIPPINE BANK
OF COMMERCE, ONE BILLION; CHINA BANK ANOTHER BILLION. SO ALL IN ALL,
TOGETHER WITH THE GFIs, WE HAVE VERY COMFORTABLY SIXTY BILLION PESOS TO
FUND THE 500,000 HOUSES THAT YOU HAVE COMMITTED TO BUILD OVER THE NEXT TWO
YEARS.

I AM GRATEFUL FOR YOUR PLEDGES -- OVER 300,000 FOR SHDA AND OVER 300,000
FOR CREBA. AND AS WE SAW IN THE PRESENTATION OF SHDA, THIS IS REALLY A
PERCENTAGE OF WHAT THE MEMBERS CAN ACTUALLY ACCOMPLISH. BECAUSE ONLY A
PERCENTAGE OF ITS MEMBERS HAVE SO FAR BEEN COVERED IN THIS PLEDGING SESSION.

I WAS ALSO INFORMED THAT A SIGNIFICANT NUMBER OF PROJECTS YOU HAVE
COMMITTED ARE EITHER ALREADY ONGOING OR SLATED TO START NEXT YEAR. I HAVE
NO DOUBT IN YOUR CAPACITY TO LIVE UP TO THESE COMMITMENTS.

IT IS WORTHY TO NOTE THAT NEARLY 38,000 UNITS OR 20 PERCENT OF THE SHDA
PLEDGE WILL BE BUILT IN MINDANAO, THE ISLAND OF BOY NOGRALES.
THIS WILL BOLSTER ECONOMIC DEVELOPMENT, SOCIAL REFORM AND PEACE AND ORDER
IN THE REGION. PERO PINAPAKINGGAN KO SI BOY NOGRALES KANINA. SABI, "KONTI
'YAN." HE WAS SAYING, "KULANG, KULANG." BUT ANYWAY, BOY THERE
WILL BE MORE I'M SURE AS THE PEACE AND ORDER IMPROVES IN MINDANAO.

WE SEE TONIGHT THE FRUITS OF OUR MEETINGS AND DISCUSSIONS DURING THE PAST
MONTHS. DURING THE ANNIVERSARY CELEBRATION OF CREBA IN MALACANANG LAST
OCTOBER, WE TALKED ABOUT SOME OF THE SOLUTIONS AND NOW THEY ARE UNDERWAY.

WHEN YOU INVITED ME TO YOUR MEETING IN BAGUIO I TOLD MIKE, "MIKE,
MAG-BIYAHE PA AKO, MAG-O-OPEN PA NG GOLF TOURNAMENT, MAGHAHANDA NG
DISKURSO, BABIYAHE NA NAMAN MULI SA PAG... LET ME SPEND THOSE HOURS WORKING
OUT THE POLICIES INSTEAD." AND THAT'S WHY, IN MY TAPED MESSAGE, I WAS ABLE
TO PRESENT THOSE POLICIES.

AND NOW I'M HAPPY THAT OUR PLANS AND PROGRAMS ARE MOVING FORWARD. AND AS
SAID EARLIER, WE'VE MADE AVAILABLE 200,000 HECTARES OF LAND FOR HOUSING
AND URBAN DEVELOPMENT FOR THE NEXT MANY YEARS.

WITH THESE, AND WITH YOUR SUPPORT, WE SHOULD BE ABLE TO REDUCE HOPEFULLY
BY 50 PERCENT THE CURRENT SHORTAGE OF HOUSING UNITS ESTIMATED AT SOME 5
MILLION BY THE YEAR 2010. THE YEAR WHEN WE HOPE WE WOULD HAVE BEEN ABLE
TO BEAT THE PROBLEM OF POVERTY IN OUR COUNTRY.

HOUSING AND RELATED INFRASTRUCTURE PROJECTS ARE THE TRADITIONAL
PUMP-PRIMERS OF GROWTH IN DEVELOPING ECONOMY. YOUR PLEDGES COMBINED WITH
YOUR SOLID TRACK RECORD WILL PROVIDE THE MUCH NEEDED IMPETUS TO PUT OUR
GROWTH... TO KEEP OUR GROWTH ON TRACK.

SO ONCE AGAIN, DEAR FRIENDS, DEAR PARTNERS IN KEEPING OUR ECONOMY ON ITS GROWTH TRACK, THANK YOU VERY MUCH. I'M COUNTING ON ALL OF
YOU FOR YOUR CONTINUED SUPPORT, NOT PERSONALLY FOR ME ALONE, BUT FOR OUR
PEOPLE AND THE FUTURE GENERATIONS.

MARAMING SALAMAT SA INYONG LAHAT.

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