Monday, October 13, 2008 Arroyo to tackle global crisis in international meeting
PRESIDENT Gloria Macapagal-Arroyo would raise the global financial crisis issue and how to possibly prevent its repeat in the future during the 7th Asia-Europe Meeting in Beijing from October 24 to 25, Press Secretary Jesus Dureza said.
Dureza, in a radio interview, said Arroyo is expected to discuss in the forum "what actually happened in the financial market and the turmoil so that we will not be able to repeat the same mistake."
He said the forum is a good opportunity to discuss the problem, which is affecting everyone in the world.
He stressed that the Philippines is part of the global community and what is happening in the United States economy affects the country's own economy including the stock market and currency.
This is why everyone especially the Filipinos should prepare for the worst, even if the country's economy remains strong and stable, said Dureza.
"On a bigger picture we will be affected by it one way or the other, so we should be ready for it although our country, under the leadership of the President, had been preparing for the worst case scenarios since before, but that doesn't mean that we should already say we won't be affected," he added.
He said one way of preparing for the worst is the immediate passage of the proposed P1.4 trillion 2009 budget, which was recently approved by the House of Representatives.
Dureza is hoping that the Senate would act on it the proposed budget expeditiously, adding that it would be unprecedented to have a budget passed early.
The Palace official stressed that 2009 budget is important as it would strengthen the country and help it weather the financial storm.
Dureza, however, dismissed any need for the country to avail of a loan package from the International Monetary Fund (IMF) at the moment, believing that the country could still handle the present situation.
He added that at present the bigger and more developed countries like the US appear to need the IMF aid more. (JMR/Sunnex)
