US grant is welcome, but RP must focus on creating jobs to sustain economy and reduce poverty

September 25, 2010

Press Release
September 25, 2010


Senator Francis “Kiko” Pangilinan today says the $434 million grant the country will get from the US should be able to assist the government in its projects, but cautions that RP should not rely so much on financial assistance from other countries to drive its economy.

“We welcome the assistance, but we must look to this grant as but a stop gap measure in our efforts to build an economy that is neither dependent on grants nor loans, but is driven by local enterprises and investments that are focused on creating both jobs and wealth for our people.”

“We must, in the long run, move away from foreign sources to pay for our nation’s expenditures. The securing of such grants should never take the place of building a vibrant and robust economy. It is economic takeoff that will create the needed wealth to fund the delivery of basic services such as education and health services that our people need to get out of poverty.”