Brace for impact of global economic crisis, Magsaysay asks gov’t

Zambales Rep. Mitos Magsaysay is urging the government to brace for the fallout of the global economic crisis that is expected to last for the next three to five years, according to survey of the CFA Institute.

“The government must be prepared with sustainable programs and partnerships which will cushion the impact of the economic crunch and ensure that its promises of more private-public partnerships (PPPs) in 2010 will finally materialize. It should also ensure a sound business environment for traders who are already doing business in the Philippines to make sure that they do not pack up their bags and leave for somewhere else,” she said.

Magsaysay said that the government must first address the high price of oil and utilities in the country which are major factors in the key expenses of business in the country.

“We have already the highest rate of power in Asia and it threatens to grow higher and the government is not taking any concrete action against it. Businesses have already threatened to move their operations to other neighboring countries in Asia while some have already shifted their bases elsewhere. If this happens, then many Filipinos will lose their jobs. The government should not let this happen. Their focus should be in encouraging new businesses to come rather than driving them away.”

Magsaysay added that the government should also loosen its pursestrings to invest in infrastructure projects which will make the transport of goods easier and indicate that the country is moving forward in the pursuit of progress.

“The government must understand that investments in projects are also important to show investors that we are not stagnant in our bid for development. We are doing our share in giving them all that they need to succeed in their venture and they should, in turn be responsible in providing jobs and security for our people. It’s always a two way street and we need each other to survive these trying times.”#