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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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