Stimulus Plan of the President Aimed to Boost Economy

The President recently announced a plan to counter the possible effects of another recession in the US and Europe. The slowdown in the economy of these countries will surely affect Asia and the Philippines. P72 Billion will be set aside to boost the economy and alleviate poverty in the Philippines. The economic stimulus package is expected to be implemented later this year and in 2012.

If you want to know the specifics of the stimulus plan by President Noynoy Aquino, here are some of the details:


1. P6.5-billion support fund for local government units (LGUs) - this can be spent by LGU's to implement infrastructure project and counter poverty in the local level.


2. P10 billion allocation for the relocation and resettlement of informal settlers along danger zones.


3. P5.5 billion for infrastructure projects under the Department of Public Works and Highways (DPWH).- this will help increase farm to market roads, construction and repair of bridges and roads.


4. P1.868 billion allocation for the improvement of the Metro Rail Transit (MRT) and Light Rail Transit (LRT).


"We are not sure exactly what the negative effects of the world's economic turmoil will have on us since it is still a developing story. But P72 billion will have its own multiplier effect and this pump primes the economy to that extent. We will do what we can within the bounds of fiscal prudence to keep the economy growing and to make certain that the effects of this growth are felt more widely," the President said during the press conference held at Mandarin Oriental Hotel in Makati City with the FOCAP or Foreign Correspondents Association of the Philippines.

Update on Tropical Storm Ramon, Storm Signals Raised

Tropical storm Ramon (Banyan) will bring heavy rains to large part of the Visayas and Southern Luzon according to PAGASA. In the latest update on typhoon Ramon, storm signals were raised in many provinces.

Areas Under Storm Signal No. 2:

- Western Samar
- Eastern Samar
- Leyte Provinces
- Biliran
- Camotes Island
- Northern Cebu
- Bohol
- Surigao del Norte
- Siargao Island
- Surigao del Sur
- Dinagat Island
- Camiguin Island
- Agusan Del Norte

Areas Under Storm Signal No. 1:

- Marinduque
- Mindoro Provinces
- Romblon
- Camarines Sur
- Southern Quezon
- Catanduanes
- Albay
- Burias Island
- Sorsogon
- Masbate
- Ticao Island
- Northern Samar
- Panay Island
- Guimaras
- Negros Provinces
- Rest of Cebu
- Siquijor Island
- Misamis Oriental
- Agusan del Sur

LGU's should not be complacent because this typhoon will bring 10 to 30 mm per hour of heavy rain within its 400-km diameter. Flash floods and erosion are expected in areas that will be directly hit by the typhoon. Residents should also cooperate with local government units in preemptive evacuations.

Senate and House of Representatives Agreed on Charter Change

The leaders of the Senate and the House of Representatives agreed in principle to revive the discussion on Charter Change or Cha-Cha. the possible amendments on the 1987 Philippine Constitution is centered on economic provisions. The consensus was made at the first legislative summit initiated by House speaker Feliciano Belmonte.

Lawmakers insists that only the economic provisions of the Constitution will be touched and not the political structure. The amendments will be made through a bicameral constituent assembly where both chambers will vote separately according to Senator Franklin Drilon.

'We will use the legislative process, (the) lawmaking procedure, in amending the Constitution and then on that point, we will be exercising our constituent function through a bicameral assembly. We’re glad there’s unanimity in this,” Drilon added.

The charter change initiative will not start this year because of budget hearings and other priority bills like the Reproductive Health bill and the Freedom of Information bill.



For a complete report on the this issue, you can visit this link: http://www.philstar.com/Article.aspx?articleId=732281&publicationSubCategoryId=63