Social Security System (SSS) administrator Romulo Neri now controls a P100-billion fund that was approved by President Arroyo and her Cabinet for a massive infrastructure-based program.
The fund is part of the overall contingency plan to ward off the potential impact next year on the Philippines of the global financial crisis.
Neri was designated by the President to oversee the implementation of the program.
The President disclosed to The STAR that she and her Cabinet officials who are members of the National Economic and Development Authority (NEDA) board approved the details of the P100-billion infrastructure program during their year-end meeting last Tuesday at Malacañang.
The President said half of the total amount of the program, or P50 billion, will come from government-owned and controlled corporations (GOCCs) and government financial institutions (GFIs).
The other P50 billion, the President added, will hopefully be pumped in by private banking and financial institutions that will get government guarantees if they invest in any of the infrastructure projects contained in her administration’s Medium-Term Development Program (MTDP).
“They (private sector) can even choose to finance a farm-to-market road for as long as the project is among those included in the MTDP,” the President pointed out.
As crafted by her and the NEDA Board, the Chief Executive explained the program seeks to flush out the liquidity in banks to finance these infrastructure projects by encouraging them with government guarantees.
“So it does not have to be the government to finance the entire infrastructure program,” she said.
Asked why she designated Neri and not incumbent NEDA director-general Ralph Recto as overseer of this program, Mrs. Arroyo explained that the SSS chief is one of the heads of the major GFIs which will contribute to this massive infrastructure program.
“I told Romy Neri this is your chance now to walk the talk,” the President said, referring to her controversial former NEDA chief.–Marichu Villanueva, Philippine Star
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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