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MANILA,
Oct. 05 (PNA) -- Malacanang on Saturday welcomed the approval of the
United States Congress of the US$ 700- billion financial bailout plan,
that "signals a start of a long process of economic recovery, on which
confidence has been badly shaken by the financial turmoil."
This
was stated by Press Secretary Jesus Dureza, adding that like all other
countries, the Philippines will have to continue to brace itself to
weather this financial crisis.
He
said that while President Gloria Macapagal-Arroyo has already set in
place some economic fundamentals that helped the country ride the
storm, "we, nonetheless, should all continue to stay the course."
"It
will still be a long road to normalcy but our unity and the resilience
of the country's economy will surmount this current economic challenge
as it did many instances in the past," he said.
The
President, in her earlier statements, said with the recent development
in the U.S. economy, ”this is really a time of global uncertainty.”
However,
she noted the government have been working tirelessly to address
challenges resulted from the global economic slowdown as aggravated
with the continuing increase in the oil and food prices.
The
Chief Executive said that the government is doubling efforts to
strengthen the country’s banking system, following the collapse of some
investment companies firms in the US.
“On
the same token, we are working hard to strengthen the banking system,
improve our fiscal health, encourage investment to sustain our economic
growth and to insulate our economy from volatility in world markets,”
she said.
After
two weeks of debates, the U.S. Congress has passed and President George
Bush signed a massive plan to save their financial industry and the
economy as well.
With 263-171 votes, the U.S. Congress approved the $ 700 billion
financial rescue plan in an effort to warrant any pending economic
collapse.
Earlier,
despite urgent pleas from Bush and his senior financial advisers and
the support of congressional leaders, the House voted 228-205 to reject
the rescue plan.
However,
the U.S. Senate, shortly before it recessed for the election, stepped
in, voting 74-25 for a package that linked the rescue bill to a giant
bill extending popular tax breaks such as the research-and-development
tax credit, providing incentives for renewable energy resources and
giving tax relief to disaster victims. (PNA)
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