Thank you, Speaker Nograles. Senate President Villar. Senators and Representatives. Vice President de Castro, President Ramos, Chief Justice Puno, members of the diplomatic corps, ladies and gentlemen:
I address you todayJust a few months ago, we ended 2007 with the strongest economic growth in a generation. Inflation was low, the peso strong and a million new jobs were created. We were all looking to a better, brighter future.
Because tough choices were made, kumikilos na ang bayan sa wakas. Malapit na sana tayo sa pagbalanse ng budget. We were retiring debts in great amounts, reducing the drag on our country’s development, habang namumuhunan sa taong bayan.
Biglang-bigla, nabaligtad ang ekonomiya ng mundo. Ang pagtalon ng presyo ng langis at pagkain ay nagbunsod ng pandaigdigan krisis, the worst since the Great Depression and the end of World War II. Some blame speculators moving billions of dollars from subprime mortgages to commodities like fuel and food. Others point of the very real surge in demand as millions of Chinese and Indians move up to the middle class. at a crucial moment in world history.
I address you todayJust a few months ago, we ended 2007 with the strongest economic growth in a generation. Inflation was low, the peso strong and a million new jobs were created. We were all looking to a better, brighter future.
Because tough choices were made, kumikilos na ang bayan sa wakas. Malapit na sana tayo sa pagbalanse ng budget. We were retiring debts in great amounts, reducing the drag on our country’s development, habang namumuhunan sa taong bayan.
Biglang-bigla, nabaligtad ang ekonomiya ng mundo. Ang pagtalon ng presyo ng langis at pagkain ay nagbunsod ng pandaigdigan krisis, the worst since the Great Depression and the end of World War II. Some blame speculators moving billions of dollars from subprime mortgages to commodities like fuel and food. Others point of the very real surge in demand as millions of Chinese and Indians move up to the middle class. at a crucial moment in world history.
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