Arroyo: RP to recover from crisis by X'mas

MANILA, Philippines - President Gloria Macapagal Arroyo on Wednesday acknowledged the global economic crisis has impacted on the country but added that she expects the country would start to recover in time for the forthcoming Christmas and New Year season. Mrs Arroyo made the remarks during the 56th anniversary celebration of Zamboanga del Sur which was held in Pagadian City. In her speech, she said that Filipinos are natural-born fighters and optimists who face problems head on. This, she said, was the reason why despite the global economic crisis the country was able to survive. Speaking in the local dialect, Arroyo said she also hoped that as the Christmas and New Year season draw near, "hopefully the economic clouds will begin to lighten." The President, in the same speech, said the recent world economic picture has been challenging to everyone and she is just glad that the government had been able to make tough choices that led to reforms in the tax systems and more investments in the country. Mrs Arroyo also said that government has put up programs and project which helped alleviate and cushion the impact of the rising prices of fuel and food especially on the poor, like the microfinance and livelihood assistance for relatives and families of those from the transportation sector, the loan programs for the public transport sector, and the upgrading of government hospitals. Other measures, she said, would include the removal of tariffs on petroleum products and the provision of subsidy programs like the "Pantawid Kuryente", "Pantawid Pag-aaral" and "Programa Para kay Lolo at Lola" which help provide lifeline electric subsidies, student scholarships and loans, and financial aid to senior citizens that are not covered by the Social Security System (SSS) and the Government Service Insurance System (GSIS). The President, during her visit, also distributed checks close to P80 million for several programs like infrastructure and agriculture program. These included the two checks worth P1 million each for the scholarship program for college students and financial aid to senior citizens in Zamboanga del Sur, and the P10 million check for the improvement of the OB-Gyne section of the Zambonga del Sur Medical Center. Arroyo assured that the government would "stay the course with determination and compassion" to ensure that the country would continue to face and weather the global economic crisis. It was the same message she delivered earlier in the day during the Philippine Midyear Economic Briefing at the Shangri-la Hotel in Makati City. The Midyear report was made at the heels of the collapse of Lehman Brothers, one of Wall Street's oldest investment banks, that has sent jitters throughout the world market and sent Philippine stocks plummeting 4.5 percent to a new low in a year and a half. The peso had also slid to a 16-month low at 47.20 to the dollar as the fragile health of iconic US financial giants heightened global investors' aversion to currencies, bonds and stocks from emerging markets like the Philippines while the Philippine Stock Exchange index (PSE) lost 114.44 to end at 2421.72. - GMANews.TV