ARROYO'S STATE OF THE NATION ADDRESS (Transcript)

07/28/2008 | 11:26 PM

State of the Nation Address of President Gloria Macapagal-Arroyo
2nd Regular Session of the 14th Congress
Republic of the Philippines
28 July 2008

Thank you, Speaker Nograles. Senate President Villar. Senators and Representatives. Vice President de Castro, President Ramos, Chief Justice Puno, members of the diplomatic corps, ladies and gentlemen:

I address you today at a crucial moment in world history.

Just a few months ago, we ended 2007 with the strongest economic growth in a generation. Inflation was low, the peso strong and a million new jobs were created. We were all looking to a better, brighter future.

Because tough choices were made, kumikilos na ang bayan sa wakas. Malapit na sana tayo sa pagbalanse ng budget. We were retiring debts in great amounts, reducing the drag on our country’s development, habang namumuhunan sa taong bayan.

Biglang-bigla, nabaligtad ang ekonomiya ng mundo. Ang pagtalon ng presyo ng langis at pagkain ay nagbunsod ng pandaigdigan krisis, the worst since the Great Depression and the end of World War II. Some blame speculators moving billions of dollars from subprime mortgages to commodities like fuel and food. Others point of the very real surge in demand as millions of Chinese and Indians move up to the middle class.

Whatever the reasons, we are on a roller coaster ride of oil price hikes, high food prices and looming economic recession in the US and other markets. Uncertainty has moved like a terrible tsunami around the globe, wiping away gains, erasing progress.

This is a complex time that defies simple and easy solutions. For starters, it is hard to identify villains, unlike in the 1997 financial crisis. Everyone seems to be a victim, rich countries and poor, though certainly some can take more punishment than others.

To address these global challenges, we must go on building and buttressing bridges to allies around the world: to bring in the rice to feed our people, investments to create jobs; and to keep the peace and maintain stability in our country and the rest of the world. Yet even as we reach out to those who need, and who may need us, we strive for greater self-reliance.

Because tough choices were made, the global crisis did not catch us helpless and unprepared. Through foresight, grit and political will, we built a shield around our country that has slowed down and somewhat softened the worst effects of the global crisis. We have the money to care for our people and pay for food when there are shortages; for fuel despite price spikes.

Neither we nor anyone else in the world expected this day to come so soon but we prepared for it. For the guts not to flinch in the face of tough choices, I thank God. For the wisdom to recognize how needed you are, I thank, you Congress. For footing the bill, I thank the taxpayers.

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