Speedy economic recovery vowed

President Arroyo assured businessmen yesterday that the economy is on the road to recovery.

At a luncheon meeting of the Philippine Chamber of Commerce and Industry at the Westin Philippine Plaza hotel in Manila yesterday, Mrs. Arroyo said her administration is "working overtime" to attain economic recovery before its "self-imposed" deadline.

"And modesty aside, I feel like it’s been a long time since I became President because we had so many accomplishments in so short a time and I think the business community will agree with that," she said.

Mrs. Arroyo said her administration accomplished all these without the "luxury" of a transition period when she took over the presidency following the ouster of President Joseph Estrada last Jan. 20 at the height of the people power revolt.

"An so we start our second month in office, our Cabinet and I re-commit ourselves to the principles I have just articulated," she said. "With this framework, we will work hard so that we can beat our deadline of achieving economic recovery and growth to the greatest number of our people."

Mrs. Arroyo said public confidence on business was restored under her administration, especially that the recent political crisis was resolved with her assumption to the presidency.

"Yet we have to sustain this confidence through manifestations of good governance that we promised when I took my oath," she said. "Our prospects are better now owing to some positive economic factors such as renewed investors’ confidence, lower rates, and the return of foreign and direct portfolio capital."

Mrs. Arroyo said her administration will continue to promote lower interest rates and limit the volatility of the peso-dollar exchange rate.

"We are reviewing and fast-tracking the passage of structural reforms to further strengthen investors’ confidence," the President said. "This includes legislation to strengthen our banking sector, enhance the investment climate, and improve competition in the industry."

Mrs. Arroyo said she is confident that her administration’s reforms will continue to get support from Congress in the same way when she was in her first month in office.

The Omnibus Power Reform Bill and the new Central Bank Act will be passed by Congress before it adjourns for the elections, she added.

Speaking at a breakfast forum of the Greenhills Walkers’ Club hosted by STAR publisher Max Soliven at the Ristorante La Dolce Fontana in San Juan yesterday, Mrs. Arroyo said she is "taking her time" to appoint "the right person" in the remaining vacancies in her Cabinet.

"I don’t want to make a mistake," she said. I would be careful and take time in choosing the right person rather than be hasty, especially because it’s so important."

Mrs. Arroyo has yet to name the secretaries of environment and natural resources, defense, and science and technology.

Mrs. Arroyo said the law is restricting her choice of the next energy secrertary because "those technically qualified are legally disqualified."

The energy department’s charter requires that the secretary should not be involved or engaged in energy-related business for a period of two years before his appointement, she added.

Mrs. Arroyo said the requirements of the law forced her to withdraw her appointemnt of Jesus Alcordo as energy secretary as he had worked for two power firms.

Mrs. Arroyo said she also tried to tap Corazon dela Paz, who is an internationally renowned expert in accounting and audit management from Price Waterhouse, for the job of energy chief.

"But she has been auditing energy-related firms and not she herself personally but the firms that she heads have been auditing energy-related firms," she said.

Mrs. Arroyo said Trade and Industry Secretary Manuel Roxas II will oversee work at the energy department until she finds somebody who is "technically and legally qualified" to be secretary of energy.

Mrs. Arroyo said she does not take negatively criticisms from media, especially those coming Soliven’s column, which appears six times a week in The STAR.

"And let me reiterate, I read (Soliven’s) column very carefully, especially his advise even if unsolicited because I think that they are for my own good," she said. "So Max, for this advice that you have been giving me in your column, let me tell you that I read you loud and clear."

Meanwhile, Crispin Beltran, chairman of the militant Kilusang Mayo Uno, urged Mrs. Arroyo yesterday to immediately order the investigation of businessmen Eduardo "Danding" Cojuangco, Charlie "Atong" Ang, William Gatchalian and Lucio Tan.

"(Mrs.) Arroyo has not lifted a finger to fight against the people’s exploiters," he said. "In fact, she’s even wooing the IMF-World Bank and tha Asian Development Bank and other multilateral agencies who have thumbscrews on the national economy."– Marichu Villanueva, Jose Rodel Clapano