25 April 2006 – The Philippine Consulate General in New York reported to the Department of  Foreign Affairs that the government’s economic team held a briefing on 11 April 2006 for members of the Filipino-American media on the fiscal, monetary and trade reform program of President Gloria Macapagal Arroyo.   The economic team was headed by Finance Secretary Margarito Teves with Trade and Industry  Secretary Peter Favila, Bangko Sentral Governor Amando Tetangco, Jr., and Energy Secretary Raphael Perpetuo Lotilla, as members.

Consul General Cecilia B. Rebong said Secretary Teves explained that “the Philippine government has been implementing critical fiscal and monetary reforms” and that “some of those reforms have resulted in greater macroeconomic and fiscal stability for the country.” In response to a question from a media participant, Secretary Teves stressed that “we cannot divert our attention because of political issues; we chose instead to focus on economic reforms which have yielded tangible results.”

The Finance Secretary cited the January to February internal revenue collection that totaled P136.9 billion, which is higher than the P127.8 billion target. He also said that for 2006, the government has intensified tax administration and collection, improved debt management, and has continued the vigorous implementation of anti-corruption measures  through life-style check of government executives, among other means.
 
For his part, Governor Tetangco explained how the Philippine peso has maintained its stability and why it has become the best performing currency in Asia.   He said that the Philippine  peso has remained stable due to a host of factors including sustained dollar inflows from OFW remittances, portfolio and dollar and foreign direct investments, and rising export receipts. The Bangko Sentral Governor pointed out that OFW remittances coursed through banks have amounted to $10.7 billion plus $1.6 billion through unofficial channels.
 
Secretary Favila also informed the Filipino-American media that the Philippines has been acknowledged globally as second to India in the offshore/outgoing  business. Through call centers, Secretary Favila said that the Philippines’ IT industry has been rapidly outsourcing in such niche fields as accounting, animation, medical transcription, graphic design, and lately even in architecture and engineering.
 
Consul General Rebong said the Filipino-American media was represented by the reporters/editors of the  “Filipino Express” based in New Jersey; New York-based “Filipino Reporter,” which is the oldest Fil-Am newspaper in the East Coast; and the “Philippine News,” which is also a  Fil-Am paper based in California with a statewide distribution network. END