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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Philippine presidential aide says give 7.5 bln dlrs for poor AFP - Wednesday, February 25 MANILA, Feb 24, 2009 (AFP) - An influential adviser to Philippine President Gloria Arroyo on Tuesday urged her to borrow money for a 360 billion pesos (7.5 billion dollars) package to help the poor cope with the global slowdown. ADVERTISEMENT "You have to create demand," Dow Jones Newswires quoted Arroyo economic adviser Joey Salceda as telling a business forum. "Only governments can afford to lose money. The only economic agent now is the government," he added. Congress has already passed a 330 billion-peso economic stimulus package incorporated in the 2009 national budget, but Salceda, a former legislator and former stock analyst, said this was good only for a recession of short duration. Salceda, who is now governor of Albay province, said the 120 billion-peso per year spending plan over three years would be used for cash transfers, health services, mass housing projects, and job training. The total would amount to only 1.5 percent of gross domestic product (GDP) but should protect some three million jobs, he added. Manila could sell bonds abroad or locally or borrow funds from the World Bank or the Asian Development Bank, he added. There was no immediate comment from the presidential palace. More than 27 million Filipinos live on one dollar a day or less according to official data. Earlier Tuesday Finance Secretary Margarito Teves said increased government spending amid the global slowdown would raise the Philippines' budget deficit this year to 178 billion pesos (3.7 billion dollars), or 2.2 percent of GDP. Economic Planning Secretary Ralph Recto said earlier this month that some 800,000 Filipinos are in danger of losing their jobs this year amid the crisis. So far 39,000 jobs had been lost since October, according to the labour department. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Financial Crisis Philippine presidential aide says give 7.5 bln dlrs for poorAFP - Wednesday, February 25 S.African govt, car sector to discuss loan packageReuters - Wednesday, February 25 Obama urges spending curbs, hands out $15 billionAP - Tuesday, February 24 Obama opens summit, pledges $15B for MedicaidAP - Tuesday, February 24 Related Articles: Asia Pacific China closes Tibet to foreign tourists: agencies, hotelAFP - 37 minutes ago Thaksin supporters surround Thai PM's officeAFP - 49 minutes ago Role of IAEA chief always political: Japan's candidateAFP - 1 hour 13 minutes ago India says to file "waging war" charges over MumbaiReuters - 1 hour 50 minutes ago Khmer Rouge defendant blames comrades for genocideAP - 1 hour 59 minutes ago Related Full Coverage Financial fallout Latest news on global credit crunch. All Full Coverage Most Popular – Asia Pacific Viewed 34,000 apply for 'the best job in the world' Markets tumble as US unveils bank rescue details World stocks mostly rally on Citigroup report First Chinese-American governor likely Obama commerce pick Terminally ill British TV star marries as cameras roll View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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