ON DRASTIC DROP OF FOREIGN INVESTMENTS

According to the Bangko Sentral ng Pilipinas, foreign direct investments received by our country dropped by 48 percent to $1.52 billion in 2008, compared to $2.92 billion in 2007. Because of the on-going global financial meltdown, our country cannot expect this figure to improve at least until the expected upturn in late 2010 or thereafter. This year, as the downturn worsens, we can expect even less FDI and foreign aid.

This means that our country must rely more upon its own resources and capability in raising the necessary capital to bail out our economy from the current economic downturn and also to stimulate enough economic development to provide more employment and stop the spread of poverty nationwide.

The worldwide economic recession, however, gives us an opportunity to revive our aspirations, expressed in our Constitution, for self-reliance as a foundation for economic growth. We are fortunate that we have a country rich in natural resources and in talented and industrious people. We can harness these resources through effective and comprehensive programs and collective action to stimulate economic growth.

I challenge the national government to tap the resources and energies of our barangays, communities, municipal and provincial governments, civil society, large, small and medium industries and non-governmental organizations in an all-out effort not just to survive but to forge a self-sustaining, self-reliant and vibrant economic foundation to secure a brighter future for our people.