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Thursday, September 23, 2004
'Unprofitable' state-owned firms face abolition
MANILA -- Losing government-owned and controlled corporations (GOCCs) and government financial institutions (GFIs) will be abolished if they cannot be "effectively rehabilitated", said a spokesman of President Arroyo.
Press Secretary Ignacio Bunye said the intent of Arroyo's administration was to turn non-performing GOCCs and GFIs into "profitable" ones and pare them off from the system if this was not possible.
Bunye said government would also look into reports that the National Power Corp. (Napocor) lost P1 billion in its US$1 billion bond offer.
He stressed that austerity measures being practiced by government offices were not publicity gimmicks.
Arroyo's spokesman was reacting to accusations by Sen. Alfredo Lim that Malacaņang was treating the fiscal crisis as "a passing public relations problem" instead of seriously addressing it.
The fiscal problem is serious and should not be taken for granted, pointed out Bunye.
He said President Arroyo was working on a comprehensive plan to solve the fiscal crisis.
According to Bunye, the proposed solutions include austerity measures, looking for new funding sources, fighting corruption and going after tax evaders.
He said some members of the Cabinet were holed up at the Philippine Trade and Trading Center (PTTC) to finalize the Medium-Term Philippine Development Plan (MTPDP), which will be the country's road map for the next six years.
"This will be output of the Arroyo administration in the first 100 days...(Planning) Secretary (Romulo) Neri is the one putting together the final draft of the MTPDP," he said.
He said the MTPDP seeks to reduce the poverty rate by half by the end of her term in 2010. He dismissed reports of possible civil unrest saying it is not time for blame tossing because the problems are being addressed.
Bunye defended the tax amnesty bill after former President Fidel Ramos's reported opposition to it. He said it would generate a substantial income. (JMR)
(September 23, 2004 issue)
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