Estrada assures the poor: We will survive the storm

President Estrada has expressed confidence the country would be able to survive the current political crisis while urging the Filipino people, especially the poor, to rally behind his administration.

At the same time, the President appealed to his political opponents to unite behind his presidency by focusing their efforts on nation-building instead of engaging in muckraking.

As long as the poor are behind him, he said, the administration will be able to continue implementing programs that will improve quality of life.

"Let us not worry. We will survive the storm. So long as you are behind me, I will continue to implement programs that will improve the quality of life of our masses. So long as you are with me, I am sure we can overcome our problems," the President said in his radio-television program over the weekend.

Mr. Estrada said it is high time that all political leaders focused their attention on the legitimate concerns of the Filipino people.

"Those making trouble would do better trying to resolve the nation’s problems," he said. "Let’s listen to the voice of the majority and not the noise of a few."

The President’s economic managers earlier predicted an economic recovery once he is acquitted in the impeachment trial.

Budget Secretary Benjamin Diokno admitted that investments are being put on hold pending the result of the historic trial.

"If he is acquitted, the economy can still bounce back," Diokno told a media forum in Manila.

He maintained that the economy was not in dire straits since the Bangko Sentral ng Pilipinas continues to have P14.9 billion in reserves.
A strong peso does not necessarily mean a strong economy, the budget chief added.

"There was a time when the peso was so strong that domestic corporations started borrowing dollar- and yen-dominated loans for their imports. As a result, local industries suffered," he said.

Diokno noted that while the peso slid several times in 1989 and 1997, the currency always managed to recover.

For his part, Labor Secretary Bienvenido Laguesma urged the people to stop predicting possible layoffs and retrenchment of 200,000 workers this year.

Laguesma said the figure is "overblown" as only 61,000 job losses were registered in 2000.

"There should be a distinction between political issues and the country’s economic woes, which have largely been caused by global developments," he said.

Meanwhile, newly installed Executive Secretary Edgardo Angara said the government would be pursuing plans to tap non-traditional revenue sources to boost funding for key projects.

Angara, the former agriculture chief, noted the government owned several resources that are not being fully utilized, including the Philippine Ports Authority (PPA) and the Land Registration Authority (LRA).

"We have to target non-traditional revenue sources because our traditional sources will simply not be enough," he said.

Angara pointed out that the PPA and LRA would generate a combined income of P5 billion a year.

Another possible source, he said, is the 27 percent share in San Miguel Corp. for coconut farmers which could amount to as much as $1 billion.

Angara said the government is also contemplating on tapping some $600 million in Marcos wealth once the Sandiganbayan allows it to do so.

"We have many assets that we can privatize, lease or liquefy," he said. – Jose Rodel Clapano