GMA vows economic reforms

MANILA, Philippines – President Arroyo yesterday assured foreign investors and fund managers that her administration would continue reforms in the economy as well as efforts to eradicate corruption, attract more business, and shield the country from global challenges.

Meanwhile, hundreds of Filipinos, mostly domestic workers, gathered outside the five-star Grand Hyatt hotel, where the President was expected to stay, to demand her resignation.

In her speech at the 11th Asia Investment Conference organized by Credit Suisse in Hong Kong, the President noted that 2007 was the best year for the Philippine economy in over 30 years. She said London earlier cited the country as the “offshore destination of the year” while the International Data Corp. placed the Philippines as the top global outsourcing destination after India.

Mrs. Arroyo arrived in Hong Kong on Sunday and is scheduled to return to Manila tonight.

She said that while her administration has accomplished much, “much more remains to be done in the next two years to fulfill our Philippine reform agenda.”

“These include legislative efforts to continue to improve our banking and finance system; to strengthen our tax collections and to continue to broaden our taxpayer base; and crack down on corruption and reduce red tape,” Mrs. Arroyo said.

“We will balance needed investments in our people and infrastructure with a prudent eye toward fiscal discipline. We will invest most where the country will benefit most: in the economy, education and the environment,” she said.

She added: “We will press forward with more reforms. We will fight for the economy, education and the environment. We will fight to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice.”

She said she remains bullish on the economy and optimistic about the country’s future, and is “deeply committed to being a force for good in our nation and in our region.”

She said the Philippines is well-positioned to weather a global economic slowdown. “We are all very aware, there are clouds on the economic horizon that we must guard against.”

The slowing of the economies in North America and Europe is being factored in government calculations to protect the economy.

She said the administration has developed a program that includes: first, to ensure a surge in investments in people and infrastructure; second, to ensure that the government continue to pursue anti-corruption initiatives and to cut red tape; and third, to blunt the global rise in the cost of energy and rice by providing targeted relief to the poorest who suffer the most from the high global price of energy and food.

The President’s speech, however, did not matter to the Filipinos who stayed outside and chanted slogans in Tagalog, saying “Gloria, Resign” and “Oust Arroyo.”

“We want her to go back home and face all the charges against her like corruption, human rights violations and the neglect of her government of overseas Filipino workers,” said Eman Villanueva, secretary general of the United Filipinos in Hong Kong.

“We want her to step down for all these,” Villanueva said. – AP