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Sunday, April 24, 2005
Arroyo warns of global recession
* Arroyo says world leaders should enjoin oil-exporting countries in Asia and Africa, where most of the oil supply comes from, to "offer solutions that would temper the volatility of crude oil prices (and) slow the demand for oil"
* She says she is willing to eliminate red tape to facilitate the entry of their businesses but she will not tolerate "unfettered exploitation" of natural resources and manpower
PRESIDENT Gloria Macapagal-Arroyo Friday warned of a world recession and possible increased terrorism if the rising prices of crude in the world market are not checked.
Arroyo issued the warning during her speech at the Asia-Africa Business Conference in Jakarta, Indonesia, where she called on leaders of the Asia Africa Summit to push for greater stability in oil prices in order to avert a "full-blown economic crisis."
She said while oil prices have softened in the past few days, "the trend could worsen to levels that could halt economic growth or even prompt a global recession."
She said the high price of oil has the potential to "put the brake on economic expansion" because it is stripping oil-importing countries of the ability to pursue economic development programs and move towards global competitiveness.
She said the soaring crude prices are "requiring us to face the specter of economic decline, restricting our respective governments' abilities to provide much-needed social programs for the marginalized sectors in our economy."
"It's (oil price hike) increasing poverty and further widening the gap between rich and poor countries. This is a toxic formula that could increase global terrorism," she added.
Arroyo said world leaders should enjoin oil-exporting countries in Asia and Africa, where most of the oil supply comes from, to "offer solutions that would temper the volatility of crude oil prices (and) slow the demand for oil."
She said the Philippines also wants to increase its trade with African countries, aside from South Africa and Mauritius. She said the Philippines sells cement, garments, gearboxes of motor vehicle and aircraft parts and buys tobacco, iron and steel, smart cards, rubber, sardines and copper.
Arroyo also said the Philippines wishes to include Africa in its growing list of automobile export markets. She also invited the African mining industry to invest in the country's untapped mineral resources.
She said she is willing to eliminate red tape to facilitate the entry of their businesses but she will not tolerate "unfettered exploitation" of natural resources and manpower.(Sunnex Luzon)
(April 23, 2005 issue)
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