OFWs told to look at ‘brighter side’ of Philippines economy

SINGAPORE (via PLDT) – President Gloria Macapagal-Arroyo has assured the 120,000-strong Filipino community here that the tough fiscal reforms her government has initiated are meant to keep the economic momentum going “with the hope that someday, working abroad would be a matter of a choice and not a necessity. ”

In a speech during her meeting with the local Filipino community at the Suntec Convention Center here, the President noted that her administration’s focus on the economy, fiscal discipline, a balanced budget and the need for long overdue human and physical infrastructure improvements have helped round out the economic gains.

“Our efforts are paying off,” she stressed in the vernacular. “You must understand that the strong peso helps check inflation and the global rise in the prices of oil, and other basic commodities abroad.”

Because of the strong peso, the President said interest rates have gone down including that of Pag-IBIG Fund, allowing overseas Filipino workers to liberally loan money for housing and other needs.

This, she added, has also enticed investors, including OFWs, to invest in the country and create more jobs for Filipinos.

The President expressed recognition to the contribution of the Filipino migrant workers, noting their sacrifice and dedication to their work, family and the nation.

“Overseas Filipino workers are honored by the government and the people, your sacrifice and dedication to your work, your family and your nation. We welcome your contribution,” she said.