Government's economic reform agenda has kept RP afloat – PGMA

September 25, 2009 9:41 am 

CABATUAN, Iloilo, Sept. 25 — President Gloria Macapagal-Arroyo attributed the country’s fiscal resiliency to her administration’s sound economic reforms that cushioned it from the effects of the global economic slowdown.

In a regional media interview hosted by John Sapio of the Manila Broadcasting Company (MBC) Aksyon Radyo here Thursday, President Arroyo pointed out that government’s effective coordination of fiscal and monetary policies proved beneficial to the economy, steering it away from recession.

Speaking in Hiligaynon, the Chief Executive thanked the lawmakers who passed the value added tax reform because the government now has money to invest in human and physical infrastructures.

She added that the economic growth posted in the first semester of this year can largely be credited to the government’s speedy implementation of the Economic Resiliency Plan which included measures aimed at generating jobs through infrastructure spending and supporting the poor through conditional cash transfers.

President Arroyo noted that the country’s labor market has remained resilient despite the global economic downturn because 980,000 jobs were generated in net employment as of July this year.

She noted that a total of 304,933 have been employed nationwide through the Comprehensive Livelihood Emergency Employment Program (CLEEP) of the government.

CLEEP is the administration's nationwide effort intended to protect the country's most vulnerable sectors — such as the poor, returning expatriates, workers in the export industry, and out-of-school youths, from threats and consequences of reduced or lost income as a consequence of the global economic crisis — by providing emergency employment and funding and supervising livelihood projects. (PNA) scs/OPS/ssc

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