Aquino bares stimulus fund to boost economy, alleviate poverty

By Jill Beltran and Virgil B. Lopez
Wednesday, October 12, 2011
PRESIDENT Benigno Aquino III on Wednesday unveiled an expenditure package that aims to speed up infrastructure and poverty alleviation projects and keep the economy afloat.
Speaking before members of foreign media, President Aquino said the P72 billion stimulus package will also boost the economy weighed down by a slowdown in Europe and the United States.
“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,” Aquino told members of the Foreign Correspondents Association of the Philippines (Focap) at the Mandarin Oriental Hotel in Makati City.
Savings from the government’s austerity program will be used to carry out the projects, which the President said can generate a “macroeconomic impact” beginning later this year until early 2012.
First on the list of the President’s economic package is the P6.5-billion support fund for local government units (LGUs), which can be spent to develop infrastructure and alleviate poverty.
An additional P10 billion will also be earmarked for the relocation and resettlement of informal settlers along danger zones.
Infrastructure projects under the Department of Public Works and Highways (DPWH) will get P5.5 billion, while P4.5 billion and P1.868 billion will be set aside for the improvement of the Metro Rail Transit (MRT) and Light Rail Transit (LRT), respectively.
A day before this announcement, the inter-agency Development Budget and Coordination Committee (DBCC) slashed its growth targets to 4.4 percent to 5.4 percent, from the previous five percent to six percent forecast.
The economy grew only four percent in the first half of 2011, compared to eight percent in the same period in 2010, an election year.
Aside from the weak global economy that put a dent on Philippine exports, the President’s economic managers took into account the effects of back-to-back typhoons Pedring and Quiel, which battered Luzon recently.
However, the action came in the face of a series of growth downgrades from multi-lateral institutions such as the World Bank and the International Monetary Fund (IMF), local think tanks, and economists.
Stimulus package a ‘misnomer’
Sought for comment, University of the Philippines (UP) economist Benjamin Diokno called the fiscal stimulus program a “misnomer” since no new funds was being authorized or programmed.
“I don’t see how it can stimulate the economy between now and the end of the year (about 10 weeks). Under the best possible scenario, the contribution of public spending to economic growth would still be negative, with or without the so-called ‘fiscal stimulus’,” Diokno said.
Since no new additional appropriation is involved, Diokno instead saw the program as a “catch-up plan with a twist.”
The twist being the replacement of slow large-scale projects with quick disbursing, small-scale, rural-based projects, said Diokno, the budget secretary of former President Joseph Estrada.
“Can all these be done in the next 10 weeks, knowing how hard it is to get things done during the last two weeks of December? Tough,” Diokno said.
In the spirit of openness, Diokno advised the Aquino administration to post in the website the list of these projects with the following information: name and nature of project, location, amount and contractor, date of start and date of expected completion.
The stimulus spending, however, will have an impact on meeting the country’s deficit of P300 billion this year as the President asked Budget Secretary Florencio Abad to monitor the expenditures and beef up reporting systems of each department.
“The secretary of Budget, secretary of Finance, and Neda (National Economic and Development Authority)-have been instructed to review the entire system of reporting so that if there are any slippages between releases and expenditures then these be reported at the earliest possible time to correct whatever deficiencies are happening,” he said.
If there is any consolation, Diokno praised the government’s decision to scale down the economic growth forecast.
“In the end, government authorities have no choice; it was humbling, but the appropriate thing to do,” Diokno said.
Cid Terrosa, senior economist at the University of Asia and the Pacific (UA&P), meanwhile, found the revised outlook as “more realistic.”
Also on Wednesday, President Aquino said he has asked various Cabinet officials regarding the status of major projects under their watch.
These include developments on the construction of 8,300 school buildings and 21,000 housing units for the military and the police, which might take until January 15 of next year to be finished due to work suspensions caused by La Niña phenomenon.
On exports, the President related that the government has been pushing for diversification of products and markets to offset losses from weak demand of major trading partners US and Europe.
Exporters, he said, can sell their goods to members of the Association of Southeast Asian Nations and large developing countries collectively known as Bricsam (Brazil, Russia, India, China, South Africa and Mexico).
“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,” President Aquino said.
This is the first time Aquino interacted with members of foreign media since he became President last year. It has been five years since a head of state met with Focap at a forum. (Sunnex)
Source: http://www.sunstar.com.ph/manila/local-news/2011/10/12/aquino-bares-stimulus-fund-boost-economy-alleviate-poverty-184699

Leading Philippines Wine Supplier Yats Wine Cellars based in Clark Philippines with outlets in Angeles City, Subic Freeport and Manila Philippines has been not only a wine shop for fine wines covering all major wine regions but also a source of reliable and useful information about wine, wine appreciation, wine accessories, wine and health, food and wine pairing and all other matters relating to wine and its appreciation. This Philippines Clark Freeport based Wine Supplier and Wine Shop frequently holds public wine tasting events in Pampana Clark Freeport Zone, Angeles City, Subic Bay area, Makati, Fort Bonifacio and other areas in Philippines capital city Manila. Private Wine events such as private wine tasting and private wine dinners are also designed and organized for private clientele for their wine loving guests.

This wine shop in Angeles Clark Philippines is also renowned for a very unique product called Vintage Beer which many characterize as “Champagne beer” because it comes in a bottle with a Champagne stopper and metal restrainer. Vintage beers are top-of-the-line luxury beers bottle-conditioned for a slow fermentation to take place inside the bottle, a process that is very similar to Champagne which is designed to not only create the bubbles but also for an amazing complexity and depth of flavors.

For fans of Port and Sauternes, this wine shop in Clark Pampanga has a large selection of vintage port, Sauternes and Barsac as well as Eiswein/Icewine from Austria and Germany. Likewise, there is a good selection of Vintage Champagne at the wine shoppers’ disposal in the cellars of this wine shop in Clark Pampanga.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
(045) 841 4006 / 0922-870-5173 / 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center. Visitors buy wine in Manila and Pampanga should not miss stopping at this wine shop for a few bottles of fine vintage wines to bring home.

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.yatsleisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.

A Well-known Restaurant in Pampnga, an interesting place to celebrate Birthday Party in Pampnga.
A best place to dine with friends in Pampanga

Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila. Looking for a restaurant in Clark for a Business meeting? Or a place to eat with friends? Yats Restaurant offers exclusive dinner venue for groups, a good place to celebrate special occasions, it can be a party venue in town. Yats Restaurant is a recommended restaurant for private dinner in Philippines, a well-recognized restaurant that serves good food and good wines for dinner.

www.YatsRestaurant.com
Looking for interesting hotels near Manila Subic Clark Angeles City Pampanga?
Trouble free hotels and well recognized hotels in Subic Clark Angeles City Pampanga
Clearwater Resort and Country Club offers a good place to stay in Subic Clark Angeles City Pampanga. In offers nice place to have rest in Subic Pampanga outside Manila.
One of the Philippines top hotels in north Luzon.

Where to go in Clark? Hotel Clark Philippines is a De Luxe Hotel in Clark and Subic, a risk free place to stay, cozy and nice ambience, a nice function place for special occasion. It is one of North Luzon Philippines’ top hotels that is trouble free, risk free, and a nice place to have rest in Subic. A well-recognized and interesting hotel.

www.HotelClarkPhilippines.com