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Monday, March 09, 2005
Arroyo unfazed by US aid reduction
MANILA -- President Gloria Macapagal-Arroyo shrugged off Tuesday reports that the White House has proposed to the US Congress a 30 percent cut in US aid to the Philippines.
Arroyo, in a media interaction in Davao City, said government does not want to increase its borrowings. "Every borrowing is an addition to the deficit," she said.
Rather than increase, what government wants to do is consolidate what it borrows to fund those things it considers its priorities, added Arroyo.
Her spokesman Ignacio Bunye, who is also press secretary, said the Philippine government would nevertheless seek a reconsideration of the White House proposal.
In a speech during the 2005 World Bank Philippine Development Forum in Davao City, Arroyo assured donors that government and private sector leaders have trained their sights on future challenges.
"We have formed a new economic team that will revitalize our revenue administration and privatization program, including the consolidation of billions of pesos worth of government shares in San Miguel Corp. for sale," she said.
She cited her administration's achievements in terms of economic and political stability and peace and order, latest decisions of the Supreme Court and Congress record in passage of tax bills.
Arroyo said she is confident that Congress will pass a value-added tax (VAT) bill that would "signal to the world that we have turned the corner."
She said the World Bank has expressed the desire of the international community for "a VAT that's high quality, which means higher rates, wider coverage and easier to administer."
Arroyo also told donors the Philippines has recently been removed from the Financial Action Task Force's list of non-cooperative countries and territories and that the California Public Employees Retirement System has rated the Philippines as "investment worthy."
She assured that government is developing logistics hubs and building a work force that is imbued with more knowledge on Math, Science, English and Technology.
She also ordered the Optical Media Board and the new director general of the Intellectual Property Office to strengthen its campaign against intellectual property infringements "through strategic raids on points of entry and storage centers of pirated materials." (RB)
| Post your experiences to the Sun.Star Graduation section. Click here. | 2005-02-24 04:52:02
mcalvo - My graduation was unforgettable to me and to my classmates. I was so drunk the night before graduation. During the ceremony i dozed to the point of snooring even when i was already standing i was half sleeping. Our dean has to call my name twice and the person behind me has to push me just to wake me up... graduations are memorable...enjoy and congratulations to all graduates!
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(March 9, 2005 issue)
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Bigger protest Wednesday against VAT