Press Release
March 17, 2009

Plug collection, auditing loopholes -- Enrile

Senate President Juan Ponce Enrile warned Tuesday (March 17) that the Philippines is vulnerable to the global financial crisis as he appealed to local treasurers and assessors to "plug the loopholes" in their collection of local fees and taxes.

"I do not mean to be a pessimist but, given the circumstances, I only wish to underscore the harsh reality that our nation faces," said Enrile in a speech before the Philippine Association of Local Treasurers and Assessors (PHALTRA) at the Manila Hotel.

He called on the group to strengthen the country's assessment, collection and auditing system so no resources are put to waste. "Let us plug the loopholes, without the accountable management of public resources, all our development efforts will fail," Enrile told members of PHALTRA.

"The Philippine economy, as the rest of the world is, is vulnerable to the global financial crisis," Enrile stressed, vowing to work harder to lead the Senate into drawing viable solutions to help government and the nation cope with the crisis.

He pointed out that the Philippines should expect to receive lower remittances from abroad because of the crisis.

Enrile urged the treasurers and assessors during their 76th national conference-seminar workshop to think out of the box and to upgrade the skills of Filipino workers.

He added that the country must come up with alternative income-generating activities, more so since the massive job losses abroad are expected to send home many overseas Filipino workers who will then be joining the ranks of the unemployed.

The senate chief cited estimates by the International Labor Organization (ILO)that around 7.2 million people in Asian countries are going to lose their jobs this year, bringing the number of jobless people to 97 million in Asia alone.

"Corollary to this, the ILO also predicted a drop in remittances by overseas workers this year. This does not sound too promising for remittance-dependent economies like the Philippines," said Enrile.

"In previous years, our country has been fortunate to have benefited from the annual remittance of Overseas Filipino Workers, which for last year alone was pegged at $16.4 billion. But because we face a much difficult situation ahead, we must not be complacent."

The Philippines is achieved for a long and arduous journey towards sustaining what progress we have thus far, he stressed.

"But what I, as your Senate President, can assure you is that we are working hard to draw up viable solutions. I am also pleased to note that the President has already signed the 2009 General Appropriations Act last Friday, where the Senate introduced a stimulus package in the amount of P50 billion."

Enrile explained that the P50 billion would serve as safety nets for various sectors that could be greatly affected by the global crisis.

In terms of funding allocation, he said the Senate has prioritized the agriculture sector, infrastructure development, education and skills-building for workers, as well as environmental protection.

"By infusing funds to these sectors, your leaders in the national government hope to improve our job generation as well as revenue generation and collection strategies to help keep our economy afloat."

"But this is not to say that the approved stimulus package is a magical solution to the ills of our economy. What is truly needed is a collaborative effort from all sectors of society so that all together we shall overcome the economic and political uncertainties ahead," said Enrile.

News Latest News Feed