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Wednesday, February 18, 2004
Poe unveils economic team to calm fears
MANILA -- Presidential candidate Fernando Poe Jr. unveiled a team of economic advisers Tuesday in a bid to allay investor concerns over his inexperience ahead of the May elections.
The 19-strong, pro-market team of economic, governance, law, international relations and education experts will help draft Poe's policies should he win, his spokesman Francis Escudero said.
Escudero said there was also a possibility that some of them may be given Cabinet positions, but he stressed Poe was also open to "reaching out" to anyone who has a "genuine intention to promote the interest of the country."
"They are continually in dialog and consultations with Poe to discuss certain matters or certain issues," Escudero said.
He said the 19 advisers were the ones Poe consulted before he announced his candidacy and were key figures in helping the candidate come up with the platform he presented last week.
The platform, which he calls a "social covenant", only gave vague clues on how the high school dropout would address economic issues.
To remedy the country's chronic budget deficit, for example, Poe proposed that the government carry out "drastic cost cutting measures on non-essential expenditures" and "institute bold tax reforms to improve revenue collection."
He said the government must "explore the possibility of a balanced budget", but did not give details.
Poe also said government must ensure "food security" by increasing funds for rural infrastructure and use foreign aid to finance low interest credit windows for farmers and fishermen, among others.
In the latest opinion polls, incumbent President Arroyo trails Poe -- a political newcomer with little formal education.
The peso has fallen to an all-time low, government debt has suffered a rating downgrade and the stock market has become volatile amid political uncertainty in the lead-up to the May 10 vote.
In his proclamation rally last week, 64-year-old Poe distilled the main problems of the impoverished Philippines into three words: "Breakfast, lunch, dinner."
"We have what we believe is the most potent group of economists and planners that can be formed," said Escudero, an opposition member of the House of Representatives.
"The blueprint for economic development will be guided by fundamental market principles and shall be founded on Poe's commitment to alleviate poverty, provide basic services efficiently and effectively, create more jobs and ensure equal opportunities to all Filipinos."
The team consists almost exclusively of academics, with an 11-member economic team led by Raul Fabella, dean of the School of Economics at the state-run University of the Philippines and Bernardo Villegas, a Harvard University-trained economics professor.
Poe has been dogged by allegations that he fathered children through extra-marital affairs, as well as a Supreme Court suit seeking to have him disqualified on claims that he is an American, and not a Filipino citizen. AFP
(February 18, 2004 issue)
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