National Socio-Economic Summit of 2001; 'National Unity to Face the Challenge of the Global Economic Crisis'

Manila Bulletin, December 11, 2001 | Go to article overview

National Socio-Economic Summit of 2001; 'National Unity to Face the Challenge of the Global Economic Crisis'


Stay together and pull together

WE in the HOUSE OF REPRESENTATIVES are pleased and honored to be part of this landmark meeting.

We are all here not just to agree on solutions to our economic and social problems.

In a larger sense, we are here to rededicate ourselves to the vision we share of what this country could become - a nation living in prosperity, justice, and freedom - a nation at peace with itself and with the world.

Highlights of our economic agenda

Let me take up briefly three key proposals from the agenda the House leadership proposed to this Summit.

Most urgently we need to deal with the near-mortal wound inflicted on the economy by some 470 billion pesos in non-performing loans and foreclosed assets lodged in our banking system.

Since July 1997, two successive financial crises have left banks bleeding from Indonesia to Japan.

We in the House are pleased that LEDAC has endorsed our proposal for a Special Purpose Asset Vehicles Act, which will offer tax incentives - including exemptions from capital gains and documentary stamp taxes - to help banks liquefy their NPLs and foreclosed assets.

I believe this bill when enacted will rapidly raise several billions of US dollars as in Korea and Thailand, with the funds to come from the private sector and from the international community, without need of a bailout from the government.

And we will complement it with a large-scale securitization program to finance the requirements of the economy even in the face of a declining international economy.

Encouraging our banks to resume normal lending by facilitating their market-clearing process will in turn stimulate all the business sectors including housing -with its strong multiplier effect on jobs and incomes.

Our economists estimate that we need to build 250,000 to 300,000 new houses a year - and that every new house generates 10 jobs over four months. This is why - apart from trying to clean up the bankbooks - we are also striving to reopen the secondary market for home mortgages.

We have also just launched a new innovative proposal, a "rent-to-own" mass housing strategy, so that hundreds of thousands of the poorest families can move quickly into newly-built houses with no need to provide the prohibitive down-payments, will the rentals applied to the purchase of their house and lot.

With a new powerful thrust in agricultural modernization to benefit our farmers and a program of retraining for our workers and the development of information technology, we believe these are the winners that the Philippines needs in the first years of the 21st Century.

Our third key proposal is for a political Summit to follow this one within six months.

If we are to carry out on our economic agenda, we will need to remove the poison in the political atmosphere generated by the adversarial and negative aspects of national politics. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

National Socio-Economic Summit of 2001; 'National Unity to Face the Challenge of the Global Economic Crisis'
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.