GMA vows to beef up banking system

DAPITAN CITY, Zamboanga del Norte—President Arroyo has resolved to strengthen the country’s banking system and improve its fiscal position amid fears of a global recession.

In her speech at the Local Peace and Security Assembly here, Mrs. Arroyo reiterated her call for unity to allow the country to survive the global economic slowdown.

She said the government will continue its programs to help the poor cope with rising food and fuel prices, and provide subsidies for health, transportation, education and food.

“We will also work hard to further strengthen the banking system, improve our fiscal health, encourage investment in our most promising growth sectors and expand our potential sectors for growth,” Mrs. Arroyo said.

She said the potential sectors for growth include seaweed farming for Zamboanga del Sur and Zamboanga City, and rubber for Zamboanga Sibugay.

“We will only be successful if every segment of society pulls together and commits to building an ever-stronger Zamboanga Peninsula and ever-stronger Philippines,” she said.

“We Filipinos are fighters, naturally optimistic and we don’t give up. We are optimistic that as our celebrations for Christmas and New Year draws nearer, the economic clouds will begin to lighten,” Mrs. Arroyo said during an economic briefing.

“But we can only realize this if we share our whole strength and collective will to sustain our unity,” she said.

She gave assurances that “we have a clear and realistic plan and will stay the course with determination and compassion.”

In the same briefing, socioeconomic Planning Secretary Ralph Recto said strategies to boost growth should be pushed in light of the current global slowdown and increased food and fuel prices.

The strategies should include “improving capacity of government agencies in using their budgets, encouraging diversification, innovation and upgrading exports, continuing strong support for agriculture and attracting more investments from countries like China and the Middle East,” Recto said.

“In order to meet the economic growth targets, the following are some of our key strategies. First is to increase the absorptive capacity of government agencies. We are directing the infrastructure agencies to prepare their engineering plans now for projects in the proposed 2009 budget,” he said.