The past year was a difficult one. We suffered through unprecedented increases in oil prices. We watched in confusion as global markets tumbled one after another. We read about the collapse of big and respected names in the international financial community. We went through a financial meltdown of a proportion that the world has not experienced in many decades.
Yet our country remained stable. As of the third quarter, our economy was still growing by 4.6 percent. OFW remittances remained robust up to the end of the year. Business process outsourcing continued to generate investments and open new employment opportunities. In the housing sector, we continued to keep the funds flowing and the projects moving.
Our reform program finally bore fruit as our economy remained stable despite the onset of external shocks. We survived last year . . . but the economic storm is not yet over. The coming year brings a new set of challenges.
The first is the challenge of order. We should maintain order in society and order in the economy. We should let the rule of law prevail. Let us ensure that our legal framework sufficiently protects property rights. We should continue to generate revenues to fuel the work of government. We should maintain macroeconomic stability to encourage more investments.
The second is the challenge of growth and development. We should keep the momentum of progress that we have painstakingly built over the past years. We should promote efficiency and competitiveness in business and government. And let us use the powers and resources of the State to fight poverty and injustice.
The third is the challenge of democracy. This early we should start preparing for the 2010 elections. We should strengthen the Commission on Elections and push the enactment and implementation of electoral reforms. We should make our electoral system strong so that it can resist the influence of vested interests.
We have so much work to do as a people. We have to continue building our nation and promoting our people’s development. We have to surmount many obstacles. But I am confident that we will prevail over all challenges and 2009 will be, truly, a happy new year.
Happy New Year to All!
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