Governance "The Philippines has weathered the initial global shocks of the world economic crisis quite well because of the painful reform medicine we took several years ago. We took our economic medicine through fundamental economic reform by raising taxes, cutting down on smuggling, reforming our tax collection system and our banking laws and regulations. Our reform moves paid off with revenue for investments in human and physical infrastructure and an economic performance that has seen 36 consecutive quarters of growth over the last eight years, including 8.0 percent GNP growth in 2007 and 6.0 percent GNP growth in 2008." "In parallel, we are also focused on further raising revenues through improvements in tax administration and a public-private sector fund to support the initiatives in the resiliency plan." "We are doing all these to take care of our people during the difficult times with the whole world, but also to ensure that you, the Korean investors invest in the Philippines."

Foreign Relations

"I also hope that we develop a series of closely consulted and meshed regional alliances to complement the G20, or what we hopefully will become even a G30. For example, the countries of ASEAN, Korea, China and Japan have reiterated the agreement to set up a multibillion-dollar multilateral foreign exchange reserve pool through what we call an "Enhanced Chiang Mai Initiative" to ensure liquidity in our region, and thereby contribute stability in the world."

"So, dear friends from Korea, we must help our two countries navigate the current world economic crisis. We must combine the wisdom of our shared past and an enthusiasm for our common future to create a firm and strategic bond of cooperation. Very few relations exceed the warmth and depth that is found in the cordial and amiable friendship between the Philippines and Korea."


Economy

"First of all, we pump-prime the economy primarily by front-loading infrastructure investments in the first half of the year and by raising the absorptive capacity of government agencies to allow them to use their budgets productively and efficiently."


Social Services

"And to further enhance social protection, we are raising the allocation of conditional cash grants to the poorest households; we are doubling the funds for the national health insurance program to ensure the full national government contribution to that fund; and we are doubling the allocation for the Technical Education and Skills Development Authority, which is the recipient of Korean grants incidentally-- all these among other healthcare and education initiatives."


Employment

"Finally, we are ensuring that adequate support is provided to our workers, both domestically and overseas, through retraining programs to ensure they remain competitive and able to fully take advantage of job opportunities and find higher paying jobs; and also through reintegration services and livelihood assistance should any expatriate workers in Korea or in any part of the world return to the Philippines."