Failed mutiny did not dent economy – GMA

The country’s strong economic fundamentals have been hardly dented by the latest attempt to overthrow the administration, President Arroyo said.

Mrs. Arroyo made the remarks in a speech read by Presidential Management Staff chief Secretary Cerge Remonde before representatives of the micro, small and medium-scale enterprise (MSME) sector in a meeting last week shortly after Sen. Antonio Trillanes and a handful of armed supporters took over the Manila Peninsula Hotel in Makati City to force her out of office.

“Our economy has reached new levels of growth, maturity and stability on the back of some of the strongest macroeconomic fundamentals,” Mrs Arroyo said.

In a separate statement, Remonde said the latest attempt to destabilize the government and pull down the economy “are only proving to be hollow and futile to President Arroyo, whose administration is focused on the country’s economy now reaching unprecedented levels of growth brought by strong macroeconomic fundamentals, particularly in the MSME sector.”

Remonde said Mrs. Arroyo urged various sectors of society to show more interest in small and micro enterprises, and to veer away from divisive politics which “does not promote stability, policy continuity, security and peace and order” to move the country forward.

He said Mrs. Arroyo also urged the country’s MSME entrepreneurs to remain bullish especially at “a time when the economy is up, and promote aggressively enterprises that help spruce up the economy.”

He said the country’s entrepreneurs are making an invaluable contribution to create more jobs and help ensure the acceptance of the country’s products in the world markets.

Remonde, Cabinet oversight official for MSME development, announced that microfinance borrowers increased by around 661,731 to reach P3.113 million in the first nine months of 2007. Microfinancing now has a client base of over three million through loans reaching P75.56 billion.

Over the last three years, jobs generated by microfinance have gone up to over 1.3 million, or more than 65 percent of the two million goal set for 2010.

In her speech, Mrs. Arroyo said the upsurge in business and entrepreneurship is happening across the nation in a number of industries today because of MSMEs.

“The administration’s complete focus on the economy—fiscal discipline, a balance budget, and long overdue human and physical infrastructure improvements and new investments—has put the country on the path of lasting economic growth and stability,” Remonde said.

He said the administration has given its assurance that over the next three years, the positive results of the reforms instituted by her administration will be translated into real benefits for the people.

He said the administration will further boost investments through improved infrastructure for small and micro businesses; improved delivery of social services, including health services and housing; enhanced food production; the provision of educational opportunities, and the reduction of red tape and other forms of graft and corruption in the country.