House economic team activated over US financial crisis

MANILA, Philippines - Amid the financial crisis facing the US, Speaker Prospero C. Nograles has activated the “House economic team" that would liaison with the Malacañang’s economic managers. Nograles said the two teams would formulate a package of fiscal reform stimulus to shield the Philippines from possible aftershocks of the US market meltdown. In a statement on Thursday, Nograles raised the need to constantly monitor, evaluate and recommend “on short notice" executive and legislative actions addressing the short, medium and long-term effects of the American financial crisis. “We have to move, and move in concert with the executive’s economic team to pump prime the economy," Nograles said. He said the House initiative to inject an additional P10-billion funding to augment the government’s infrastructure development program has gained the support of President Gloria Macapagal Arroyo’s economic team. “One doable option that the government must undertake is to increase public infrastructure spending to pump prime the economy," the House leader said. The Speaker leads the House Economic Team composed of Rep. Junie Cua (Appropriations committee chairman), Exequiel Javier (Ways and Means), Jimmy Lopez (Banks and Financial Intermediaries), Ramon H. Durano VI, Danilo Suarez (Oversight), and Antonio Alvarez (Trade and Industry). The House team, according to Nograles will regularly meet with the Palace economic team composed of Finance Secretary Garry Teves, Trade Secretary Peter Favila, NEDA chief Ralph Recto, BSP Governor Tetangco and Budget Secretary Rolando Andaya, Jr. Fidel Jimenez, GMANews.TV