In the face of the global economic crisis
INVEST LOCALLY, BUY LOCALLY, CHIZ TELLS GOV'T

As the country braces for what experts say is the crunch of the global economic crisis in 2009, Senator Chiz Escudero today reiterates his call to Malacanang to stimulate the economy by imposing a clear domestic industry bias in government procurement and investment.

Escudero said President Arroyo should take the rein on the rough ride to the 2009 as massive recessions are seen to leave millions of Filipinos unemployed.

He said among the steps the President can do is to "invest in the Philippines" and stop exporting our financial resources.

"The government should put our eggs in our own basket. It should take the lead in showing confidence in the Philippine economy by spending inwards and fill the vacuum that will be left by the global economic slowdown".

The senator said the financial capacity of government-owned corporations like GSIS, DBP and SSS-having have global investment programs- can pump direct local investments that would generate jobs for those who will be displaced by the recessions and those who are unemployed now for a long while.

"The global investment programs of GSIS and SSS have melted down the pensioners' money with investments made in foreign financial markets like the Lehman Brothers which collapsed. If we are to invest and eventually lose our money, we might as well lose it here in the home front".

Investing locally, Escudero said should be twinned with a "buy Filipino" policy which can also stimulate the weakening economy.

"By buying local products for the government's consumption needs like supply and materials for its construction projects, the country has a failsafe way to keep jobs, or even hire more, create business, raise taxes, conserve dollars, retain talent, prevent factory closures and kill smuggling".

The government has the biggest shopping money around, Escudero said and it is well within its plan and means to boost the country's domestic economy.

"The protection and promotion of our local market depends on how the government prepared and planned for the eventuality of an economic slowdown. If the President is really the economist that she claims to be, this is one of those times that we need a good economist in our midst".