Press Release
December 13, 2007

Transcript of press conference with Senator Mar Roxas (excerpts)

JPEPA:

Q: What is your position now on JPEPA?

MAR: I remain unconvinced.

Q: Which agricultural products stand to lose?

MAR: Sa agriculture, out of $800 million in exports, $480 million are bananas. So yung potential benefit sa bananas will be its regular course. Malaki na e. Hindi na masasabing dodoble 'yung sa saging. So the potentiality comes from the other sectors. Pineapple, tuna, fishing, seafoods, prawns, etcetera. Iyon ang maaaring dumoble.

Q: Were you disappointed that the reduction in tariff on bananas is only 2%?

MAR: Yes, I was disappointed, because originally, ang impression na binigay nila ay malaki ang pagbawas, n'on pala, maliit lang ang pagbawas sa saging. On the other hand, nasa $480 million na tayo e, so protektado na ang market share, so hindi ito mawawala sa atin. Ang challenge ay kung paano natin palalakihin ito.

On Senator Roxas' proposal for increased peso borrowings being taken up by the DoF:

MAR: I spoke with Secretary Teves today. He is convening a meeting as between the Bureau of the Treasury and other officials to see how this can be done. What we are saying is, the strength of the peso gives OFWs, exporters, call centers, the tourism industry, lesser pesos, and so therefore greater difficulty to operate. So isang clarong hakbang na magagawa ng gobyerno ay magsabi, yung aming mga dollar loans hindi namin ngayon hihiramin sa dolyar, hihiramin namin sa peso, at sa ganoong paraan, makakatulong kami sa pag-stabilize ng peso-dollar exchange rate.

Q: Did you get a commitment that this will be done?

MAR: We will meet on Monday or thereabouts to find out how much this is. What are the maturities, and how could this be programmed.

Q: But they agreed that it can be done?

MAR: Absolutely. There's nothing that prevents him from doing this. 'You're the one borrowing, you can borrow in any currency that you want.' Yesterday, with Transco, the winners bid $3.95 billion, which will come into the system, further weakening the dollar, further strengthening the peso. Some analysts in fact say the peso can be at the $36-$37:1 range in a few months. E pag ganyan ang nangyari, salanta yung OFWs, exporters, call centers at tourism.

On the medicines bill not being passed yet at the House:

MAR: As you know, we've passed it twice [in the 13th and 14th Congress] in the Senate. We await the action of the House. We hope that they act on it. Notwithstanding, if they act on it Monday or Tuesday, it will probably not reach by Christmas time, because by then you need to go to bicam, you need ratification. There really is no time anymore, and ikinalulungkot ko na hindi ito inaksyunan ng mas maaga ng Kamara, dahilan sa aksyunan ito next week, huli na bago sa Pasko ito.

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