THANK YOU VERY MUCH. THANK YOU VERY MUCH FOR YOUR VERY WARM APPLAUSE THANK YOU. DICK FOR YOUR INTRODUCTION AND THANK YOU DICK FOR YOUR VERY KIND ENCOURAGING WORDS OF SUPPORT, AND TO ALL OF YOU, THE OTHER MOVERS AND SHAKERS OF THE ECONOMY, MY CABINET MEMBERS, LADIES AND GENTLEMEN, THANK YOU VERY MUCH FOR THE OPPORTUNITY TO MEET WITH YOU ONCE AGAIN. AS DICK SAID FORTY FIVE DAYS AGO, WE WERE  TOGETHER AND EVERYTHING I SAID THEN THAT I INTEND TO DO. I STILL INTEND TO DO. HOWEVER I COULD NOT DELIVER EXACTLY THE SAME SPEECH BECAUSE YOU ARE ALL THERE ANYWAY, BUT INDEED, I AM VERY GRATEFUL THAT YOU HAVE CONVEYED, BY YOUR WARM WELCOME AND YOUR WORDS, YOUR STRONG SUPPORT OF EFFORTS TO REVIVE THE ECONOMY AND TO RESTORE GOOD GOVERNANCE.

     AS DICK SAID, THE LAST TIME WE WERE TOGETHER FORTY FIVE DAYS AGO WAS DURING THE HEIGHT OF POLITICAL AND ECONOMIC CRISIS, BUT NOW, FORTY FIVE DAYS LATER, WE SEE THAT THE CRISIS FINALLY CULMINATED IN THE SWIFT AND PEACEFUL INSTALLATION OF NEW GOVERNMENT. THESE HAVE BEE TRYING TIMES INDEED FOR THE PHILIPPINES AND WE CANNOT FORGER THAT THE CONCERNS THAT LED TO THE CRISIS PERTAINED TO THE WRONG KIND OF GOVERNANCE, AND WE CANNOT FORGET THAT DURING THIS CRISIS, THE VERY INTEGRITY OF OUR BASIC NATIONAL INSTITUTIONS WAS PUT ON TRIAL.

     BUT NOW, CONFIDENCE ON OUR COUNTRY AND ITS FUTURE HAS BEEN RESTORED BECAUSE OF HOW THE CRISIS WAS RESOLVED. MY FAITH THAT I MENTIONED THEN, WHEN WE MET FORTY FIVE DAYS AGO. IN THE ABILITY OF OUR SOCIETY'S STRATEGIC SECTORS TO INFLUENCE EVENTS TOWARDS A PEACEFUL AND CONSTITUTIONAL SOLUTION HAS BEEN JUSTIFIED.

     DIRECT DEMOCRATIC  ACTION BY OUR COURAGEOUS PEOPLE RESOLVED THE LEADERSHIP CRISIS IN THE MOST REMARKABLE MANNER IMAGINABLE. WE SENT OUT A FAILED DEMOCRACY WITHOUT DISRUPTING THE CONSTITUTIONAL ORDER. THUS, DESPITE THE DESPERATE EFFORTS OF THOSE WHO SEEK TO REGAIN THE SPOILS OF POWER. WE CAN LOOK TO WHAT OUR PRIORITIES ARE TODAY AND FOR THE FUTURE, BUT WE MUST WORK DOUBLY HARD TO RESTORE OUR ECONOMY TO THE PATH OF GROWTH.

     I WOULD LIKE TO THINK THAT THE WARM WELCOME EXTENDED TO ME TODAY INDICATES THE HIGH HOPES AND CONFIDENCE YOU HAVE IN MY NEW ADMINISTATION CERTAINLY. THE HIGH OPTIMISM IN OUR ECONOMIC PROSPECTS, SHOWN BY THE RESPONDENTS IN THE MACHETE BUSINESS CLUBS EXECUTIVE OUTLOOK SURVEY, GIVES US HIGH HOPES THAT THE CAPTAINS OF INDUSTRY ARE READY TO PLACE YOUR TRUST ONCE AGAIN INVESTING IN OUR COUNTRY'S FUTURE.

     LET ME ALSO THANK THE CAPTAINS OF INDUSTRY BECAUSE OF THE COMMITMENT THAT YOU HAVE MADE AS COMMUNICATED TO ME BY MR. RAUL CONCEPCION. WHERE HE SAID THAT 342 FIRMS, REPRESENTING 150,000 WORKERS , HAVE AGREED NOT TO LAY -OFF THE WORKERS IN THE FIRST QUARTER OF THIS YEAR AS THEIR CONTRIBUTION TO BOLSTERING THE ECONOMY AND PROMOTING INDUSTRIAL PEACE DURING THE FIRST MONTH OF THIS ADMINISTRATION. THANK YOU TO THE BUSINESS COMMUNITY.

     INDEED, THE BUSINESS COMMUNITY OF THE PHILIPPINES HAS PROVEN TO BE A HIGHLY STRATEGIC SECTOR AT THIS POINT IN OUR FAST MOVING HISTORY. IT IS NOT ONLY BECAUSE YOUR ARE THE PRIME MOVERS OF THE COUNTRY'’ ECONOMY BUT ALSO BECAUSE YOU PLAYED A KEY ROLE IN THE EVENTS THAT LED TO THE PEACEFUL AND CONSTITUTIONAL SOLUTION TO THE RECENT CRISIS.

     THE TIME IS RIPE FOR US TO RISE FROM THE CRISIS AND SWIFTLY   PUT OUR HOUSE IN ORDER IN THE FACE OF THE DAUNTING TASK OF HEALING, UNIFYING AND REBUILDING OUR NATION, WHEN I ADDRESSED YOU JOINT MEMBERSHIP MEETING LAST DECEMBER AND ALSO IN MY OATH TASKING REMARKS LAST JANUARY 20TH , I OUTLINED WHAT I CONSIDERED TO BE MY CORE BELIEF SOME OF WHICH I WOULD LIKE TO REITERATE TODAY.

     FIRST, IS, WE SHOULD SEEK TO WIN THE BATTLE AGAINST POVERTY WITHIN THIS DECADE. AS I SAID BEFORE, THIS IS OUR UNFINISHED BUSINESS FROM THE PAST AND DATES BACK FROM THE CREATION OF OUR REPUBLIC, YET, TO THIS DAY, AS WE ENTER THE 21ST  CENTURY, POVERTY REMAINS OUR MAIN NATIONAL PROBLEM THE WORLD OF THE 21ST CENTURY THAT OUR YOUTH WILL INHERIT IS TRULY A NEW ECONOMY. WHERE RELENTLESS FORCES SUCH AS CAPITAL FLOWS AND ADVANCES IN ICT CREATE BOTH PERIL AND OPPORTUNITY.

     I ALSO STATED THAT TO TOP THE OPPORTUNITIES, WE NEED AN ECONOMIC PHILOSOPHY OF TRANSPARENCY AND FREE ENTERPRISE TO NURTURE THE ENTREPRENEURIAL SPIRIT TO BE GLOBALLY COMPETITIVE. TO EXTEND THE OPPORTUNITIES TO THE RURAL COUNTRYSIDE. WE MUST CREATE A MODERNIZED AND SOCIALLY EQUITABLE AGRICULTURAL SECTOR TO ADDRESS THE PERILS. WE MUST GIVE A SOCIAL BIAS TO BALANCE OUR ECONOMIC DEVELOPMENT EMBODIED IN, LISTENING TO BISHOP VILLAIN, SAFETY NETS FOR SECTORS AFFECTED BY GLOBALIZATION AND SAFEGUARDS FOR OUR ENVIRONMENT.

     ANOTHER CORE BELIEF IS THAT, WE NEED TO IMPROVE MORAL STANDARDS IN GOVERNMENT AND IN SOCIETY IN ORDER TO PROVIDE A GOOD FOUNDATION FOR GOOD GOVERNANCE SO THE OUR GAINS ARE NOT  DISSIPATED CORRUPTION AS I HAVE SAID BEFORE, GOOD GOVERNANCE MUST BE BASED ON A SOUND MORAL FOUNDATION. A PHILOSOPHY OF TRANSPARENCY  AND AN ETHIC OF EFFECTIVE IMPLEMENTATION.

     HENCE, I HAVE ISSUED ADMINISTRATIVE ORDER NO. 1 PROHIBITING ALL  PUBLIC  OFFICERS AND EMPLOYEES FROM ENTERING INTO OFFICIAL TRANSACTION RELATED TO CONTRACTS, SUPPLIES AND APPOINTMENTS TO POSITION WITH MY RELATIVES AND RELATIVES OF MY HUSBAND, WHETHER REAL, PRETENDED OR IMAGINARY.

     I HOPE TO LEAD A CAPABLE GOVERNMENT THAT MEETS THE EXPECTATIONS OF OUR PEOPLE, BUT THIS CANNOT BE GOVERNMENT AS USUAL WE NEED AN ENERGIZED BUREAUCRACY, AN HONEST AND INSPIRED LEADERSHIP AND A COMPETENT CORPS OF DEDICATED PROFESSIONALS IN THE PUBLIC SERVICE .

     THE FIRST STEP INVOLVES THE CHOICE OF MEN AND WOMEN OF INTEGRITY AND COMPETENCE TO COMPOSE THE LEADERSHIP TEAM, MEMBERS OF MY CABINET WERE RECRUITED ON THE BASIS OF TRACK RECORD, OF COMPETENCE, GOOD REPUTATION AND PERFORMANCE. SOME SECTORS WERE COMPLAINING ABOUT MY ADMINISTRATIONS RECYCLING OF GOVERNMENT OFFICIALS FROM PAST ADMINISTRATIONS.

     THE QUESTION TO ASK, I BELIEVE IS, WHAT IS TERRIBLY WRONG WITH RECYCLING GOOD PEOPLE? WHAT IS TERRIBLY WRONG WITH GETTING BACK MAR ROXAS FROM THE SUCCESSOR GENERATION WHO HAS DONE A FINE JOB AT THE DTI ? AT A TIME OF OUR BIG BUDGET DEFICIT, WHAT IS TERRIBLY WRONG WITH GETTING BACK EMY BONCODIN WHO PRESIDED OVER A BUDGET SURPLUS IN HER TIME ? WHAT IS TERRIBLY WRONG WITH GETTING FROM THE RANKS OF CAREER ECONOMISTS - DANTE CANLAS ? WHAT IS TERRIBLY WRONG WITH ENLISTING THE SERVICE OF NONE OF THE HONEST POLITICIANS THAT THE PHILIPPINES HAS EVER SEEN - BERT ROMULO ? AND WHAT IS TERRIBLY WRONG WITH ASKING RENE DE VILLA, WHO PRESIDED OVER AND WAS INSTRUMENTAL IN TRANSFORMING THE ARMED FORCES FROM WHAT WAS THEN, IN THE EARLY DAYS AFTER EDSA 1. A FRACTIOUS AND POLITICIZED MILITARY TO THE PROFESSIONAL WITH GETTING INTO THE PEACE PROCESS THE MAN WHO KNEW THE WHOLE THING. THE HISTORY FROM THE VERY BEGINNING - AND THAT IS ED ERMITA ? AND ANOTHER VEIN, WHAT'S WRONG WITH GETTING SIM DATUMANONG AND BEBOT ALVAREZ IN THE CABINET ? ASIDE FROM AND BEING CABINET LEADERS, THEY WILL INCREASE THE STAKES TRUST AND SUPPORT OF THE PEOPLE OF MINDANAO IN OUR PROGRAMS AND POLICIES.

     THE MINDANAOANS HAVE LONG BEEN NEGLECTED AND UNDERREPRESENTED IN THE HIGHEST LEVEL OF DECISION MAKING. THIS IS ONE OF THE REASONS WHY THE BRIGHT PROMISE OF MINDANAO HAS NOT BEEN FULFILLED, IT IS ABOUT TIME WE MAKE A BOLDER MOVE IN GIVING MINDANAOANS NOT A TOKEN BUT A MAJOR ROLE IN THE CABINET.

     THE SECOND STEP, ASIDE FROM CHOOSING OUR LEADERSHIP'S TEAM, INVOLVES A REVAMP OF OUR POLICY-MAKING PROCESS SO THAT THERE IS AUTHENTIC PARTICIPATION BY BOTH THE PRIVATE SECTOR AND CIVIL SOCIETY. THE GOVERNMENT NEEDS TO BE BOTH REINVENTED AND RETURNED TO THE PEOPLE. THIS IS PART OF THE EFFORT TO REPLACE THE POLITICS  OF PATRONAGE WITH A NEW POLITICS OF THE PROCESS OF CONSULTATION IN ORDER TO PROVIDE A FOUNDATION FOR TRUE REFORMS.

     WE WILL INSTITUTIONALIZE THE PROCESS OF CONSULTATION STARTING WITH MY OWN MECHANISMS FOR CONSULTATION, FOR I BELIEVE IN LEADERSHIP BY EXAMPLE. WE HAVE FORMULATED AND ORGANIZED A NATIONAL AGENDA FOCUSED ON DIFFERENT NATIONAL CONCERNS AND BROADLY SUPPORTED BY DIFFERENT SECTORS OF CIVIL SOCIETY.

     ON THE MACRO-ECONOMIC LEVEL, OUR INHERITED PUBLIC DEFICIT IS THE MAJOR PROBLEM. IN THIS REGARD, I CREATED A TOPNOTCH ECONOMIC TEAM COMPOSED OF SECRETARIES, ROMULO, ROXAS, CANLAS AND BONCODINN TOGETHER, THEY WILL ESTABLISH    FISCAL PRUDENCE IN THE SHORT TIME, YET GENERATE ENOUGH DEMAND TO CAUSE A GROWTH PATH THAT WILL GATHER STRENGTH AND MOMENTUM IN THE LONG TERM.

     WE WANT TO TRIM DOWN THE EXPECTED BUDGET DEFICIT OF 225 MILLION PESOS TO 148 BILLION PESOS. THIS FISCAL TARGET NECESSARILY ENTAILS HARD WORK AND SACRIFICE TO REDUCE EXPENDITURES THROUGH EFFECTIVE AUSTERITY MEASURES AND INCREASING INCOME BY INTENSIFYING EFFORTS TO IMPROVE TAX COLLECTION. TO MEET THE TARGET OF A SMALLER BUDGET DEFICIT A MONTHLY MONITORING OF EXPENDITURES AND INCOME WILL BE IMPLEMENTED.

     WE CAN AND MUST DO MORE WITH LESS EVERY PESO SHOULD BE WISELY SPENT TO IMPROVE THE DELIVERY OF BASIC SERVICES TO OUR PEOPLE. REDUCING THE COUNTRY'S FISCAL DEFICIT IS NOT THE SOLE RESPONSIBILITY OF THE GOVERNMENT. LIKE GOOD GOVERNANCE, IT IS EVERYBODY'S BUSINESS. THUS, I CALL ON HE BUSINESS SECTOR TO CONTINUE DOING ITS ROLE IN HELPING THE GOVERNMENT MEET ITS FISCAL TARGETS AND SUPPORTING THE TAX COLLECTION EFFORT.

     TO FAST TRACK THE FORMULATION OF ECONOMIC AND DEVELOPMENTAL MEASURES, I WILL CONVENE THE LEGISLATIVE EXECUTIVE DEVELOPMENT ADVISORY COUNCIL, OR LEDAC, ON A REGULAR BASIS. THIS BODY WAS CREATED BY A LAW WHICH I AUTHORED DURING MY FIRST TERM AS A SENATOR. EMULATING A BILL THAT WAS FILED BY SENATOR ROMULO IN THE PREVIOUS TERM BEFORE I BECAME SENATOR. ALTHOUGH IT'S SELDOM MET DURING THE PAST ADMINISTRATION, PRIOR TO THAT, IT PROVED TO BE AN EFFECTIVE VEHICLE IN FORGING POLICY CONSENSUS AND PROGRAM COORDINATION BETWEEN THE EXECUTIVE AND CONGRESS.

     I HAVE ALSO ABOLISHED THE ECONOMIC COORDINATING COUNCIL BECAUSE IT REPLICATES THE REGULAR FUNCTIONS AND ACTIVITIES OF NEDA I AM COMMITTED TO RESTORING THE CABINET AS THE INSTITUTION OF EXECUTIVE POLICY-MAKING AND COORDINATION. THIS IS A CABINET THAT MEETS IN THE MORNING AND NOT AT MIDNIGHT.

     I AM PLEASED TO INFORM YOU, ESPECIALLY THOSE IN THE I.T. INDUSTRY, THAT AS I HAVE SAID MANY TIMES BEFORE. I.C.T. WILL BE OUR LEADING SECTOR  FOR ECONOMIC GROWTH. AND THUS, I AM CREATING A NEW CABINET CLUSTER ON I.C.T. THIS IMPORTANT SECTOR GROWS TREND IN HUMAN RESOURCES AND OFFERS BRIGHT PROSPECTS FOR THE ECONOMY AND OUR PEOPLE. WE HAVE ONE OF THE WORLD'S LARGEST TOLLS OF KNOWLEDGE WORKERS THAT CAN SUPPORT THE GROWTH IN THE I.C.T. SECTOR. WE HAVE TO TAKE ADVANTAGE OF THIS COMPETITIVE EDGE AND FURTHER DEVELOP THIS TREND THROUGH RESPONSIVE TRAINING PROGRAMS AND CURRICULA STARTING AT THE SECONDARY LEVEL. WE MUST STRENGTHEN THIS SECTOR THROUGH MORE COORDINATED, SUSTAINED AND ORGANIZED EFFORTS.

     FOR THIS PURPOSE, I WILL EXPAND AN I.T. AND E - COMMERCE COUNCIL TO COVER NOT ONLY COMMERCE BUT ALSO TO LOOK AT THE OVERALL I.C.T. POLICY ENVIRONMENT. THIS EFFORT WILL BE PRIVATE SECTOR-DRIVEN AND GOVERNMENT IMPLEMENTED AND, WE'LL CONTINUE JOINT UNDERTAKINGS OF THE GOVERNMENT AND PRIVATE SECTOR. I WOULD LIKE MAR ROXAS AND BOBBY ROMULO, MY SENIOR ADVISER ON INTERNATIONAL COMPETITIVENESS, TO CO-CHAIR THIS EXPANDED COUNCIL I WOULD LIKE THEM TO INVOLVE THE STRATEGIC DEPARTMENTS INCLUDED IN THE I.C.T. CABINET CLUSTER AND TO TOP THE STALWARTS IN THE DIFFERENT TECHNOLOGY INDUSTRIES AND IN ACADEMIC.

     THE NEW AND REFRESHING ELEMENTS IN MY GOVERNMENT ASIDE FROM THE STRESS ON I.C.T. ARE TRANSPARENCY IN GOVERNANCE. A STRONG EMPHASIS ON DELIVERING RESULTS AND THE POLITICAL EMPOWERMENT OF OUR POLITICAL.  AS I HAVE SAID BEFORE, WE SHOULD ATTAIN PREDICTABILITY, REGULARITY, CONSISTENCY AND TRANSPARENCY IN ALL GOVERNMENT ACTIONS AFFECTING THE ECONOMY.

     WE MUST ENCOURAGED THE INFORMED PARTICIPATION OF THE POOR AND THE UNORGANIZED MASSES, ESPECIALLY IN THE PROVINCES, IN DECICION-MAKING AFFECTING THE FUTURE OF THE ECONOMY.

     ALL THESE REQUIRE STRONG, FUNCTIONING, HONEST AND EFFICIENT, STABLE INSTITUTIONS WHICH ONLY GOOD LEADERSHIP CAN ASSURE THE IDEA IS TO MAKE POLITICS SERVE THE ECONOMIC ENDS OF THE NATION AND NOT MAKE THE ECONOMY RAVAGED FOR POLITICAL PURPOSES.

    TODAY, WE ARE FACED WITH A REMARKABLE OPPORTUNITY TO ADVANCE THE CAUSE OF THE FILIPINO PEOPLE IN THE NEW MILLENNIUM.  WITH THE COMBINATION OF THE RIGHT NATIONAL AGENDA AND ITS EFFECTIVE IMPLEMENTATION THROUGH GOOD GOVERNANCE, WE CAN WIN TODAY'S STRUGGLE AGAINST POVERTY. AND IN TIME, TOMORROW STRUGGLE FOR OUR NATION'S PROPER PLACE IN THE 21ST CENTURY.

    I FIRMLY BELIEVE IN REGULAR DIALOGUE AND CONSULTATIONS AS AN IMPORTANT FACTOR IN LEADERSHIP.  LET US KEEP OUR LINES OF COMMUNICATION OPEN AND REGULARLY RUNNING.  THE PARTNERSHIP BETWEEN GOVERNMENT AND THE BUSINESS COMMUNITY DOES NOT CEASE IN HAVING CONSULTATIONS AND HEARING THE VIEWS AND INTEREST OF BOTH SIDES.  WE CAN AND WE MUST INSTITUTIONALIZE THIS DIALOGUE MECHANISM IN ORDER TO FORGE CONSENSUS ON MAJOR, IMPORTANT ECONOMIC ISSUES AND BRING ABOUT GREATER GROWTH AND DEVELOPMENT AS THE STEWARD OF OUR PEOPLE'S VICTORY.  i HOPE TO MOVE THE COUNTRY FORWARD BY STRENGTHENING DEMOCRACY ENHANCING COMPETITIVENESS AND BRINGING PROSPERITY TO THE GREATEST NUMBER OF FILIPINOS.

    LET US JOIN HANDS IN ORDER TO ACHIEVE OUR COMMON DREAM.

    THANK YOU AND MAY GOD BLESS OUR COUNTRY!