Thank You

To those whose help and support - in ways big or small - has won me a fresh term in the Senate, I extend my heartfelt thanks and my commitment to work hard for meaningful legislation in this Fourteenth Congress.

I know that more than political figures, we are public servants. Our people have placed on us all their aspirations, for us to translate into meaningful laws.

In the next three years Filipinos will grow in number to about 96 million, a third of which are between 15 to 30 years old. They are intelligent, keen, and hopeful; and they expect much from us. It is our duty to realize their collective hopes - better schools, better education, and more meaningful opportunities.

To me, there are six major concerns that the Senate and the rest of government must prioritize: human resources reforms, fiscal reforms, financial reforms, job creation, and political and administrative reforms.

We have to undertake reforms in these areas if we are to maintain our economic momentum and enhance political stability.

Under human resources reforms, the Senate should look into ways of making the Philippines competitive through educational emphasis on science and technology, and how to expand health insurance to cover children and the indigents. Lack of technological innovation is keeping the Philippines from becoming more competitive.

Meanwhile, fiscal reforms should include the rationalization of fiscal incentives, a review of the automatic guarantee by the national government of loans secured by government-owned and controlled corporations, stepping up privatization efforts, and a tighter rein on the revenues generated by the Philippine Amusement and Gaming Corp., the Philippine Charity Sweepstakes Office, the Ninoy Aquino International Airport Authority, and the Philippine Tourism Authority, among others.

To demonstrate our fiscal imprudence, the National Food Authority has incurred loans of about P50 billion but NFA officials do not care on how to find ways of repaying the loan because the government has guaranteed it.

On the area of financial reforms, I will re-file my bills that were left pending when the 13th Congress adjourned sine die. These bills pertain to the creation of a credit information bureau, the establishment of a Personal Equity Retirement Account, the Pre-Need Code, corporate recovery and mutual funds.

The PERA bill will supplement the existing government-sponsored pension scheme by setting up a privately funded retirement fund. It allows private individuals to set aside P50,000 a year, withdrawable when the contributor reaches the age of 55, and tax-exempt. It will encourage long-term saving and reduce our heavy reliance on the already overwhelmed publicly-funded retirement scheme. PERA targets Overseas Filipino Workers and small business owners, as they are not covered by the government's current pension programs.

The Credit Information System (CIS) will gather credit information from financial institutions such as banks, credit card companies, and government lending institutions. By making reliable credit information available to lenders, they can manage credit risks better and in effect, will lower the cost of credit and reduce the reliance on physical collateral. Its greatest benefit is making credit more available, especially to small yet responsible borrowers, as their good track record in paying their obligations will be made known to the financial institutions.

I would also like to emphasize the importance of enhancing eco-tourism and even agri-tourism to hasten job creation at the lowest cost possible.

My main proposal for political reforms focuses on the strengthening of the political parties. It is long overdue that we have genuine political parties based on platforms and programs, instead of the loose groupings of politicians merely based on personalities.

Indeed, all eyes are on us now. We are presented with a choice - either to tread the warpath of political factions and personal ambitions, or to walk towards a path of hope and sincere hardwork, not only for our Senate, but for the people who instituted us here.

It is my personal hope that at this fresh juncture, we end all the political bickering and personal grudges that have plagued this country to ruin. For only then can we truly begin working towards the betterment of the country and every Filipino.