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.