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Wednesday, August 23, 2006
GMA adviser tells RDC to be more aggressive in funding infra projects
The current value of the peso to the dollar will still appreciate to P44.
This is the forecast made by Rep. Joey Salceda of Albay during the business forum, “Strengthening the Base,” organized by the Mandaue Chamber of Commerce and Industry held at the City Sports Club-Cebu yesterday.
“There is no reason for the (current) value of the peso to the dollar to stay there. P44 to the dollar is the normal value of the peso (due to the increasing remittances of overseas Filipino workers),” said Salceda, who is also the economic adviser of President Arroyo.
He urged the Regional Development Council (RDC) in Central Visayas to be more aggressive in finding funds for infrastructure project proposals in Cebu.
“Among the other regions, Cebu has the natural capacity to diffuse funds. Your RDC must be more aggressive here,” he said.
Salceda said project proponents should stop thinking of official development assistance (ODA) to fund development undertakings, adding that the government has enough money to fund infrastructure projects.
“Stop thinking about ODA. We have the money. We don’t need dollars. What we need is competence and access to foreign market,” he said.
Developed countries, through ODA, provide monetary help, infrastructure, emergency assistance and public facilities to underdeveloped nations.
Salceda, who also chairs the House Committee on Appropriations, said the government will have about P87 billion next year for infrastructure projects, and “we will throw good money to solve problems that we hope will produce good results.”
With the reduction of ODAs, he said Filipinos could expect continuous reduction of the country’s debts in the international market.
He said getting politics and infrastructure of a country right is one of the major factors to economic prosperity.
“Since we could not get our politics right, we might as well work hard on our infrastructure,” Salceda said.
He said the increasing value of OFW remittances has enabled the government to pay the country’s foreign debts and generate savings.
In an economic forum earlier, economist Cayetano Paderanga said the value of overseas Filipino workers’ (OFWs) remittances has been increasing as they land high-paying jobs as nurses, doctors, teachers, information technology engineers and accountants in foreign lands.
“The country has already felt the quality change in the profile of OFWs (from domestic helpers to professionals),” he said.
Paderanga said OFW remittances grew by 14.8 percent year-on-year from January to May this year, with an average remittance every two weeks per OFW of $150 to $250. (JBN)
For Bisaya stories from Cebu. Click here. (August 23, 2006 issue)
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