Former Socioeconomic Planning Secretary Solita Monsod on Tuesday said the Philippine economy is sound despite the ongoing economic crunch abroad, specifically in the United States.

 

Speaking to ABS-CBN News, Monsod said the President and her economic team is expected to report good news about the local economy in Wednesday's mid-year economic briefing.

 

Monsod said the mid-year economic briefing could include the relative rise in employment rates.

 

"She's obviously going to try [to cast the economy in a good light]... so if I were her, I'll talk about employment, probably about investments and what the government has done, and say that there are external forces influencing the Philippines negatively," Monsod said.

 

Monsod said the Philippine economy is not fully dependent on the US economy, and despite a relative slowdown, investors are still coming to the country.

 

"At this point, the BSP (Bangko Sentral ng Pilipinas) is doing a relatively good job. I don't know what the Department of Finance is doing to try to improve," she said.

 

"The last time we had food and oil crises in 1974, inflation was 34%. When we're talking 34%, somehow, I don't get excited because what are we talking about? Oil going down below 100 dollars a barrel, rice [prices] have softened," she added, alluding to the current 8% inflation rate.

 

She even criticized analysts who are predicting the local economy would "collapse," saying these analysts are merely trying to catch people's attention. She appealed to the media to be wary of statements from analysts trying to paint an economy near collapse.

 

She also said the onging investigation of the Senate into the alleged "double appropriations" in the 2008 General Appropriations Act (GAA) is not affecting the economy, as long as senators also mind legislation that would boost the economy like the Japan-Philippines Economic Partnership Agreement (JPEPA).

 

"I don't mind probes as long as the Senate gets its priority right. Priority is the economy. P200 million ang pinaguusapan duon, nagkakadanarapa na sila? I don't blame them kasi ang media nagfofocus duon. Hindi lang ang Senado ang may kasalanan," Monsod said.

 

 

Malacañang effectively confirmed Monsod's statements about Wednesday's mid-year economic briefing.

 

Press Secretary Jesus Dureza said that the President and her economic managers are scheduled to boast at the briefing that the Philippines has escaped an economic crisis even if they are still trying to rein in the inflation rate, which is seen to go up further around Christmastime.

 

Malacañang also said they are preparing measures that would help the country weather the worldwide economic crunch, which would include additional subsidies for the poor and job creation measures.

 

"Great incidents particularly in the economic situation would cause worry in countries all over the world at yan ang tinitingnang maigi ngayon ng economic managers natin to make sure all these have mitigated effects pag dating sa atin," deputy presidential spokesperson Anthony Golez told ABS-CBN News.