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Caucus Chronicle N I P P Y S S A Volume 3, Issue 4 Jul-Aug 2008 B M E E Caucus Chronicle N I P P I Newsletter published by the Philippine Embassy for the L I members of the US-Philippines Congressional Friendship Caucus H P Arroyo-Bush reaffirm RP-US deep relations, lasting partnership Inside this issue: On 24 June 2008, Philip- Arroyo for her Government’s global concerns with U.S offi- Central Bank ‘09 fore- 2 pine President Gloria Macapa- strong and effective stand on cials from the State and De- cast : sustained growth gal-Arroyo and U.S. President counterterrorism and acknowl- fense Departments, and NGOs. ‘09 proposed budget to 2 George W. Bush met at the edged President Arroyo’s lead- Her other engagements also spur growth White House Oval Office to ership on the freedom agenda included meetings with Filipino Arroyo remains com- 3 reaffirm strong Philippine-U.S. and human dignity in the communities, Filipino World mitted to peace relations and to discuss issues Southeast Asian region. War II veterans and American All agencies mobilized 3 of mutual interest and concern The meeting between the business groups. for evacuees to both countries. two Presidents was part of Aside from further Fight against corrup- 4 Their discussions focused strengthening the Philippine- tion, poverty reaf- on the global food shortage, U.S. alliance, President Arroyo firmed defense cooperation, Myanmar took the opportunity to person- Coral Triangle Initia- 4 and regional issues, the Doha ally thank the US Senate for its tive: “We are going to Round and economic aid. historic 96-1 vote in favor of make this happen” At a press event following the Veterans Benefits Bill call- Ambassador’s Corner 5 the meeting of the two leaders, ing for additional benefits to In Memoriam: Rep. 5 President Arroyo said that Filipino WWII veterans and Stephanie Tubbs Jones America is a strong ally of the call on member of the U.S. Photos: Arroyo’s US 6 Philippines that has been sup- House of Representatives to Visit 23-28 June ‘08 porting her Government’s ef- pass the bill on the House floor. Tourist arrivals up 8 forts to strengthen the economy President Arroyo’s ten day For this purpose, Presi- Photos: 4th Ambassa- 9 and reinforce Philippine de- working visit to the United dent Arroyo met with the Phil- dors Tour mocracy. President Arroyo States on 21-30 June 2008 that ippines-US Friendship Caucus, Gaa: Statements in 1 0 stated that, “The Philippines saw her make stops in San a group composed of members Congress boost quest and the United States have a Francisco, Washington D.C. of the US House of Representa- for justice strong relationship, and we are and New York. tives who have openly sup- here today to discuss important In addition to meeting ported moves to strengthen House Floor statements 1 1 for WW II Filvets bilateral issues with President with President Bush at the relations between the Philip- Bush, members of his admini- White House, President Ar- pines and the United States and R P U P D A T E S stration, and congressional royo held a series of meetings to pass legislation recognizing RP to host second leaders.” In his remarks at the on a wide range of issues in- the services and granting bene- Global Forum on Mi- same press event, President cluding the environment, secu- fits to Filipino WWII veterans. gration and Develop- Bush congratulated President rity, human rights, and other ment in October; UN Secretary General to attend Amb. Gaa leads Filipino-Americans in RP tour June ’08 remittances post 19-year record at Ambassador Willy C. the Philippine from 12-18 July pines to rediscover Filipino US$ 1.5B Gaa, together with the Philip- 2008. culture and see for themselves Biosafety clearing pine Ambassador to Canada The ACGTD Tour, a the economic and political house launched Jose S. Brillantes and the Con- joint project of the Department developments in the country. suls General in the United of Foreign Affairs, the Depart- In this year’s tour, the Arroyo on Forbes list States and Canada, led 350 ment of Tourism and the De- participants were also briefed of most powerful participants from North Amer- partment of Trade and Indus- on how they can help bring women ica to the 4th Ambassadors, try, aims to bring Filipino- growth by investing in the Overall crime rate Consuls General and Tourism Americans, Filipino-Canadian provinces under the One Town drops Directors’ (ACGTD) Tour to and their families to the Philip- One Product (OTOP) (p.8 pls) Volume 3, Issue 4 Jul-Aug 2008 Page 2 RP Central Bank chief forecasts ‘09 sustained growth Growth of the local economy is seen to continue in down of the country’s major trading partners also plays a 2009 amid the current tight economic condition that re- big role in the growth prospect of the local economy. sults from the development in the global economy, ac- Tetangco, who met with a team from the Japan Credit cording to the head of the central bank of the Philippines. Rating Agency (JCRA) Wednesday, said this was what he Bangko Sentral ng Pilipinas explained to the JCRA team (BSP) Governor Amando when asked about the impact of Tetangco Jr. reiterated their the US slowdown to the country projection of a lower inflation and the higher inflation to eco- next year but along with this is nomic growth. sustained growth for the coun- He said that although the region try. “Inflation has an impact but is now less dependent on the US there will be an improvement as a trading partner, it is still next year,” he told reporters. affected because there is no total Inflation continued to surge decoupling. with the July figure already at He said that although there is 12.2 percent, from the previous higher trade exchange among month’s 11.4 percent. Asian countries particularly be- Monetary officials forecast cause raw materials are proc- inflation to peak this October essed in some countries, here, before going down before the these products still end in the year ends. Tetangco explained President Gloria Macapagal-Arroyo led on 25 August US market. 2008 the groundbreaking ceremonies marking the start of that slowdown of the economy the construction of the $1.25-billion Global Gateway Lo- On inflation, Tetangco assured was a result of surging inflation. gistics City (GGLC) in Clark Freeport Zone which is ex- the JCRA team that BSP offi- He, however, said that this in- pected to generate 35,000 new jobs. Shown from left are: cials were “prudent” in address- Sec. Edgardo Pamintuan, chairman of the Subic Clark flation is imported in origin Alliance for Development Council, President Arroyo, ing the increase in inflation, because its real cause is the Sheikh Ahmad Dawood Salman Al Saba, member of the which he said was supply- increase in prices of oil in the Kuwaiti Royal Family, Victor Jose Luciano, president of driven. Clark International Airport Corp., Dennis Wright, presi- world market. dent of the Peregrine Development International, Dr. Al He said they first observed if the He said that in the domestic Mahdy Jassaf, KGL chairman of the board, Nestor Man- situation will spill-over the de- front, demand remained high gio, chairman, Clark International Airport Corp., and mand side and when it did, Mayor Marino Morales of Mabalacat, Pampanga. (Alfredo although the higher inflation Francisco/OPS-NIB photo) monetary officials acted imme- will have an impact in terms of diately by increasing policy a decrease in purchases of consumers. rates accordingly. “That’s why we have always emphasized that it’s im- BSP has raised its policy rates by a total of 75 basis portant to maintain price stability, which is important in points since last June. long-term economic stability,” he stressed. Aside from the To date, its borrowing rate is at 5.75 percent while impact of higher oil prices, the BSP chief said the slow- lending rate is at 7.75 percent. 2009 proposed RP budget to spur growth Amidst strong challenges, the government’s eco- ves said the government’s fiscal program will remain on nomic managers expressed optimism that there would be track in 2009. an economic upturn in 2009. By next year, Teves said the net financing require- Budget Secretary Rolando Andaya, during the pres- ments are expected to drop by 37 percent and the national entation of the proposed 2009 national budget before the government’s debt to decline by 45 percent of the Gross House Committee on Appropriations, said that they see a Domestic Product (GDP). He acknowledged that there is a brighter economy for the country by next year with the need to double efforts in order to enhance the govern- continuing decline in the price of crude oil in the world ment’s revenue collection. market. The top 10 departments in terms of budget allocation Andaya said the continued economic growth of the are the Department of Education, Department of Public neighboring countries is also a contributory factor to the Works and Highways, Department of Interior and Local improving economy with its positive effect to the coun- Government, Department of National Defense, Depart- try’s export industry. ment of Agriculture, Department of Health, Department of “We expect the economy to bounce back, especially Transportation and Communications, Department of in agriculture and mining sectors and we see a better eco- Agrarian Reform, Department of Finance, the Judiciary nomic upturn for 2009. Finance Secretary Margarito Te- and the Department of Foreign Affairs. Volume 3, Issue 4 Jul-Aug 2008 Page 3 Arroyo remains committed to peace, bares shift in premise for peace efforts President Gloria Macapagal-Arroyo ernment’s objective is to end all armed announced on 22 August 2008 a shift in the rebellion in the country, thus any engage- basic premise of the Philippine govern- ment with all armed groups from here on in ment’s peace efforts from talking with the will focus on disarmament, demobilization armed groups to holding discussions with and rehabilitation (DDR).
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