NEWSFLASH

ERAP CALLED ON BALIKBAYANS TO BE "AMBASSADORS OF TRUTH"

Lucban, Quezon Province, May 11, 2000 - President Joseph "Erap" Ejercito Estrada called Thursday on Filipinos based abroad to be the country’s "ambassadors of truth" and help project a positive image of the Philippines before the global community.

Speaking before a gathering of balikbayans here, the President said this role is very important in correcting misimpressions about the Philippines.

"You can do much to correct the negative image abroad created by the conflict and kidnapping in Mindanao. I have promised to continue efforts to build out nation," he said.

The President pointed out that he is aware of criticisms hurled against his administration by some sectors, including those who have "nothing better to do."

Many of these critics, he added, only want to "divide and confuse our people" as well as the foreign investors who may want to do business in our country.

The President said that while he will not dignify baseless criticisms, he cannot allow foreigners to scrap investment plans in the Philippines because of misperceptions about the country.

"Despite such bad publicity and pessimism, my administration continues to pursue programs and projects that will benefit the greater number of our people. Ang inyong Pangulo ay di tumitigil upang mabigyan ng magandang pamumuhay ang lahat ng Pilipino (Your President has not ceased in his efforts to provide Filipinos with a better life)," the President said.

Contrary to some reports, Mindanao remains on the growth track and is likely to become the country's food basket as envisioned by the Estrada administration, according to the Mindanao Economic Development Council (Medco).

Angliongto has made it clear that hostilities initiated by rebel and terrorist groups in Mindanao are mostly confined to three or four of Mindanao's 10,023 barangays and are in the isolated areas and hinterlands of Maguindanao, Basilan, Cotabato and the Lanao provinces.

The Mindanao Business Council, on the other hand, declared that it remains bullish on the economic prospects in the South, saying there has never been a better time than today to realize the region's growth potentials.

Earlier the Bangko Sentral ng Pilipinas (BSP) said key economic indicators show that the Estrada administration is on track in keeping the Philippines on the growth path.

BSP Governor Rafael Buenaventura added that indicators such as the country's gross international reserves (GIR), which has reached a record high of $16 billion, single-digit interest rates and a stable foreign exchange rate show that the Philippine economy remains stable and in good hands.

The National Economic and Development Authority said government inflation targets may be further lowered to below five percent from the present five to six percent because of the continuing good performance of the economy.