Press Release
November 8, 2011


The Occupy Movement that has overtaken Wall Street and other financial centers of the world should serve as a warning to the Philippine government that far-reaching economic reforms are direly needed, said Senator Edgardo J. Angara.

Just last week, Occupy protesters effectively shut down Oakland Port, one of the busiest ports in the United States, followed by a march for "Bank Transfer Day" which encourages Americans to transfer their money from banks to credit unions as an act of protest against unreasonable debit fees.

The Movement, barely two months old, has spread to 951 cities in 82 countries across the globe, including 70 major cities in the United States alone. The movement is clamoring for reform in the form of constitutional amendments, a fairer tax code, universal employment, national debt reduction, and environmental protection.

"Social and economic inequality continue to fan the flame of the Occupy Movement--conditions which also exist in our country," observed Angara, Vice Chairman of the Senate Committee on Finance. "This means that we are just as vulnerable to the same unrest and instability."

"These recent events should serve as a wake up call for us in government to start implementing more concrete solutions to end poverty and address growing income inequality," said the veteran lawmaker.

"This can only be done by building a knowledge-based, innovation-driven economy which spurs sustainable development and provides quality jobs to Filipinos. We have to implement structural changes, make sufficient investments in physical infrastructure and prioritize human capital development," he stressed.

Angara continued, "The Philippines is not exempt for the social and economic tides holding sway in the rest of the world. We must take action now."

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