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By Angelo S. Samonte, Reporter
President Gloria Arroyo approved an economic
stimulus package of P75 billion to sustain the growth momentum and
withstand the impact of a possible US recession.
At the same time, President Arroyo ordered
agencies concerned to “look for money to fund the package.”
Gov. Joey Salceda of Albay had proposed the
stimulus package, with the President giving her nod for its adoption
during the National Economic and Development Authority (NEDA)-Cabinet
Group meeting in Malacañang held immediately after her arrival
Tuesday from Switzerland and the United Arab Emirates.
The economic stimulus package, which Salceda
described as “a national imperative,” includes income-tax
relief, discounts on electricity bills, a boost in infrastructure
and agriculture spending and enhanced social investments.
”We must implement the economic equivalent of
preemptive evacuation which has been proved to achieve zero-casualty
during disasters,” Mrs. Arroyo’s economic adviser said.
Salceda added that the threat posed by a
possible US recession to the Philippines will be “loss of momentum
which would negatively impact on our revenue base if we do
nothing.”
”A short-term, one-shot economic stimulus is
critical in defending against the loss of momentum,” he said.
Salceda proposed a P16-billion expansion in
income tax deductions to benefit the middleclass working families;
an P8-billion rebate to households consuming less than 200 kilowatt
hours of electricity per month; and a P51-billion increase in
government spending this year, that includes P15 billion for
increased agriculture production and P16 billion for infrastructure.
Mrs. Arroyo said despite the country’s
economic strides, the government will remain alert to the
uncertainties roiling the global economy.
Her administration, she added, will not be
complacent as it girds to soften the impact of adverse global
developments on the country’s economy.
In her opening statement at the NEDA-Cabinet
group meeting Tuesday in Malacañang, the President underscored the
urgency of sustaining the country’s economic growth.
“It’s clear that everyone who knows our
country agrees that we are in a better position today than ever to
withstand and be resilient when confronted with international
economic uncertainty,” she said.
While expressing confidence and optimism about
the long-term progress of the Philippine economy, the President
added that the government should remain cautious about the current
state of the world economy.
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