MANILA (PNA) -- President Gloria Macapagal-Arroyo said on July 14 that with her administration’s successful implementation of fiscal measures, the country has the best shield against the worst effects of the unstoppable worldwide food and fuel price increases.

The President made the statement in a speech welcoming to Malacanang’s Rizal Hall this morning the delegates of the 4th Ambassadors, Consuls Generals and Tourism Directors Tour (ACGTDT).

The President said her government spends a lot of time and resources to train and retrain a growing work force for “specific task and for whatever challenges a wayward world economy may throw at us. And because we have been prepared for it, we have been able to shield our nation from the worst effects of food and fuel crisis worldwide.”

The President told the 320 Fil-Am and Fil-Canadian delegates that the current economic crisis sweeping the world did not catch the nation unprepared.

In fact, she said, her hard decisions to impose bold fiscal reform measures have resulted in more revenues, which the government is now spending for the rehabilitation and upgrading of infrastructure projects such as bridges, highways, ports, airports and other facilities that are intended to create more new jobs.

“With more money, we can spend now a lot on health and education,” she said, adding that the policy reforms that she has instituted will now benefit the majority of the Filipino people. Her successor, she added, will inherit ‘a more stable economy’ when she steps down in 2010.

“Had we acted differently or not acted at all, all would be lost today,” she said. “So we remain committed to the path we have taken, the best solution is the one that has worked," she said.

The President maintained that her government remains on track and is firmly focused on getting the country ready for the next generation.

To be able to maintain the respect of the international finance, the government is now widening the fiscal reform by bringing interest rates down and making the Philippine peso stronger than its current status.

 “All this is for the benefit not only of our people tomorrow but the next President as well,” she said.

She also informed the delegates that during the last three years that Trade and Industry Secretary Peter Favila has headed the nation’s competitiveness council, the international finance has convincingly agreed that the Philippines has made important progress for which the international credit rating agencies like Moody’s, Standard and Poor, among others, gave its positive and stable outlook on the country.

“We are happy that the world competitiveness year book, the latest edition, shows a remarkable improvement of five notches in the rating of the Philippines,” she said. (PNA)