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PGMA says economic reforms saved RP from crisis
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Dec 2, 2008 - 4:00:25 AM

HONG KONG, Dec. 3 (PNA-via PLDT) -- President Gloria Macapagal-Arroyo said today the "painful economic reforms" she carried out during the early part of her administration have worked well for the Philippines to weather the present economic slowdown.

"It is very important for us to make sure that the global crisis will not become a crisis in our country but in order to do that, we need to have resources and if we have not made hard choices several years ago to raise revenues, but since we did, we have addressed the challenge," the President told the Clinton Global Initiative (CGI) Asia Meeting at the Grand Hyatt Hotel here.

The President added that with the revenue reforms that tremendously increased revenue collection, the government was able to provide a steady supply of affordable rice, and subsidized rice for the poorest of the poor, as well as keep transportation cost low as the financial crisis began.

"So the biggest challenge is not what steps to take but the resources to be able to carry on those steps," she said.

She added that the Arroyo administration would not have been able to mitigate the impact of the present financial crisis and high food prices "if we did not have the revenues."