Press statements of Senator Loren Legarda

ON MANNY PACQUIAO

Manny Pacquiao's victory over Ricky Hatton, gaining the Hall of Fame in world boxing, shows that to the Filipino everything is possible so long as he has the guts, the determination, the discipline and the focus to get where he wants to be. The adulation that the Filipinos give to their boxing hero indicates their awareness now of their potentialities as Filipinos.

It is now up to our leadership of the nation, regions and communities to tap this potential by supporting talent and rewarding hard work and real accomplishments. The leadership should stop the practice of appointing to top positions only those whose only qualification is that of canine loyalty and whose devotion is not to the rule of law but to the law of omerta or silence.

The government should also give more support to sports, education, science and technology.

ON NATIONAL DEBT PAYMENTS

The report that debt service payment of P291.6 billion during the first three months of this year was 22 percent higher than that of last year's is alarming. This means that less and less of our current P1.4 trillion national budget year will be allocated to development, unless we continue to borrow more which means that our debt service will exceed the 48 percent debt service payment this year. The debt burden of incoming generations would become more enormous and onerous.

This points to the need for cutting down expenses on non-essential activities such as travel of our government officials, less seminars for government personnel in expensive hotels and resorts and less purchase of equipment that sometimes just lie idle in government offices because no use could be found for them. In these critical times, we need more funds for job-creating development projects that would also stimulate our economy such as more roads, bridges, better ports and public facilities.

Through prudent and wise spending, we also cut down the need for more borrowing and thus minimize the use of our national budget for debt servicing.

ON DEPOSIT INSURANCE

In the face of the global economic downturn, the Philippines Deposit Insurance Corporation should efficiently and speedily perform its duty of reimbursing depositors in failed banks according to law. It will not do to burden harassed depositors with red tape in the reimbursement of their unpaid deposits because it will cause them and their families unnecessary suffering.

Besides the sooner the depositors are reimbursed their, the sooner would they be able to invest or spend them, perhaps to pay for loans, and this would further stimulate the economy as it would encourage more production and circulation of money. It is commendable that the deposit insurance payment has been raised to P500,000.

Aside from the Legacy banks, there are many other rural banks in the country that have failed because of the harsh economic conditions. The depositors, who are innocent, should be helped by our government.