MANILA, Philippines - The Philippines must not rely so much on financial assistance from other countries to drive its economy, Sen. Francis Pangilinan said on Saturday. Pangilinan gave this observation following the US government's grant of $434 million for various Philippines projects, including roads in Samar.
"We welcome the assistance but we must look to this grant as a stop-gap measure in our efforts to build an economy that is neither dependent on grants now loans, but is driven by local enterprises and investments that are focused on creating both jobs and wealth for our people," he said. "We must, in the long run, move away from foreign sources to pay for our nation's expenditures. The securing of such grants should never take the place of building a vibrant and robust economy. It is economic takeoff that will create the needed wealth to fund the delivery of basic services such as education and health services that our people need to get out of poverty," he added. In a recent hearing on the proposed 2011 budget of the Department of Science and Technology (DoST), Sen. Edgardo J. Angara, chairman of a Senate finance sub-committee, asked Filipino scientists to accelerate their various researches on different subjects that would help the country improve its economy.
