Speech at http://www.op.gov.ph/speeches.asp Governance "We are proving the value of a new paradigm for self-reliance through the use of: first, a targeted strategy with a set of precise prescriptions to ease the price challenges we are facing; second, rice self-sufficiency and more energy independence; and third, long-term reforms."

"We are doing everything in our power to focus on the fundamentals, keep the economy steady, and to provide relief for those most in need." "Even as some external challenges are letting up, we will continue to focus on reining in inflation, bringing down prices of the basic commodities including rice and oil and power, increasing targeted investments to our poor, taking care of our environment and getting our economic engine moving in a higher gear. We will also work hard to further strengthen the banking system which has shown it to be quite strong during this crisis of the world so far. Encourage investment again as I said in our most promising growth sectors that was mentioned earlier but also expand the field of our potential sectors." "We repeat that the best buffer we have to external vulnerability is our own domestic internal strength. Building a stronger, healthier economy driven by domestic consumption and investment and relying less on external markets for things like food, things like energy is what our reform agenda is all about." Infrastructure "In addition, as has been mentioned earlier, we are investing in modernizing infrastructure like roads and bridges but what makes it different is that it is now on an unprecedented scale because now we can afford it with our tax reforms." Education "We are also investing in expanded education, healthcare, and other social services. ICT is a major element of our education reform program. We expect it to continue taking on an increasingly significant role in improving the access and quality of education to the people." Economy "Privatizing our economy is a top priority. It is moving forward well, from power and energy to our stake in jointly owned assets with private investors. Our philosophy is that, "the marketplace performs better than government". We want to reap the rewards of our investment and use these rewards when we divest to invest in the people of the nation." "We will continue on the path of economic reform, including reforms to improve transparency in our governance system. Our reforms have helped us in this time of global economic upheaval. Without them, we would not be as confident as we are that our economy will withstand these external shocks. We will continue to be vigilant against further challenges to our economy. We will maintain the fiscally prudent policies that have given us the strength to weather this global storm." Foreign Relations "We view the ASEAN community and our other neighbors like China and India as partners in economic development. We are working together to build a more cohesive regional community that will strengthen the economic clout of all our nations in our rapidly growing region. Intra-ASEAN trade has already become one of the major drivers of our respective economies; and to ensure that we remain a competitive player within the region and are able to attract investment not only from outside ASEAN but also within." Graft and Corruption "We have invested heavily in improving the quality of the country's human resources, lowering transaction flows and the cost of doing business -- which includes fighting corruption." Investments "We are also focusing on developing our strongest sectors, including commodities, business process outsourcing and niche tourism, where we have, as Mr. Goddard says, unique competitive advantages, and where we can offer significant value for foreign investors. These and other measures we are taking will ensure that we will continue to attract the investments that we need to create jobs." "Of equal importance to sheer financial capacity is the ability to decide and move quickly -- the road between a decision to invest and the actual writing of the check is fraught with uncertainty. And from my experience, the bastions of wealth with both financial capacity and quick execution are the Middle East powers, given their oil-driven wealth and their unitary government status. The fact that the Philippines has a Mindanao close to the hearts of Middle East powers opens up such opportunities for us, and we have been mobilizing these opportunities not only in Mindanao but in our urban beltway as well." "Our investment offer is excellent. It includes a government committed not only to continuing infrastructure expansion - and, as I said, we can afford it now on our own steam -- but also to working with individual companies to ensure that their needs are met. It includes one of the most productive and competitive work forces in the region, and a strong macroeconomic environment."