Ramos takes steps to save RP economy

Ramos takes steps to save RP economy

MANILA (AFP): President Fidel Ramos ordered cabinet officials
to review proposals aimed at solving the country's economic
situation, bruised by a regional currency crisis and threatened
by the El Nino weather phenomenon, a statement said yesterday.

Cabinet officials are to submit by Oct. 17 their
recommendations to a three-part program prepared by the house of
representatives, the presidential palace statement said.

Ramos' orders follow a day-long meeting held with government
officials and businessmen on Friday to try to save the economy
from a deepening crisis before he steps down from power at the
end of June 1998.

Finance Secretary Roberto de Ocampo has been asked to step up
coordination with lawmakers for the early passage of remaining
components of a tax reform bill, and to undertake a more
comprehensive monitoring of banks and financial institutions, the
statement said.

Other agencies such as the Agriculture Department and the
National Food Authority are to ensure the "timely importation" of
commodities "to address the negative impact of the El Nino
phenomenon," it added.

The government has prioritized the reduction of the current
account deficit through fiscal discipline, and its scheduled
lowering of tariffs and its economic liberalization program,
economic planning secretary Cielito Habito said Friday.