INTRODUCTION
As we hold this ceremony on the eve of my departure for the United States, allow me first to express appreciation for the Senate’s ratification of the international treaty known as the Multilateral Investment Guarantee Agency or MIGA. This reinforces that part of my mission to America aimed at attracting more foreign investments and technology flows to our country.

Since the MIGA extends guarantees for foreign investors in the Philippines against political and other developments outside of their control, this is our signal to them that we are committed to provide them a level playing field and to protect their investments form unexpected risks.

At the same time, MIGA can also be applied to investments of Filipino nationals provided the funds come from outside the country. This will help persuade Filipinos abroad with investible funds to invest in the Philippines.

We should view this development as part of our over-all strategy to attain our shared vision of “Philippines 2000!!!” — by unlocking our full potentials as an investment destination and thereby be globally competitive and by providing more job opportunities to our labor force and thereby empower our people.
THREE BILLS
Today, I signed into law three bills that are designed to help advance our overall efforts towards achieving global competitiveness and people empowerment in the pursuit of our vision of “Philippines 2000!!!”.

These bills initiate certain reforms intended towards closing the fiscal gap, realigning budget expenditures, and protecting the vulnerable from exploitation.

The first bill, Republic Act No. 7656 entitled “An Act Requiring All Government-Owned or Controlled Corporations to Declare Dividends under Certain Conditions to the National government and for Other Purposes” as Senator Herrera would put it, “is a non-tax revenue-raising measure (proposed) to assist the government bridge the fiscal gap.”

This law mandates that government-owned and controlled corporations (GOCC’s) should declare at least 50% of their net earnings as dividends in favor of the national government to be remitted to the national treasury.

These dividends will go a long way in bridging the fiscal gap. For 1993, total dividends of GOCC’s declared in favor of the national government amounted to p3.68 billion. For 1994, on the basis of 25% mandatory declaration of dividends, we estimate a yield of p4.17 billion. The amount would now be even bigger in view of this 50% mandatory declaration of dividends.

We will keep track of these remittances. In a way this will serve as a gauge in measuring the performances of these GOCC’s. Notwithstanding our support for this measure, the national government is committed to privatize most of our GOCC’s or components thereof.

The second bill, Republic Act No. 7657 amending Republic Act No. 7637 which provided for government assistance to the victims of the eruption of Mount Pinatubo, now realigns p1.5 billion previously earmarked for resettlement projects to necessary infrastructure requirements in lahar devastated areas.

I am giving my commitment, now, to the full rehabilitation of central Luzon and other areas affected by the eruption of the mount Pinatubo. We will build a new international airport in the former Clark Air Base in Pampanga. We will rehabilitate, extend and expand the north diversion road to facilitate traffic in the area. We will make the recovered baselands of former Clark and Subic a great industrial area. We will continue to develop livelihood projects for the residents and victims in the Mount Pinatubo calamity areas. This is my commitment.

Republic Act 7658 entitled “An Act Prohibiting the Employment of Children Below Fifteen Years in Public and Private Undertakings Amending for the Purpose Section 12 Article 8 of Republic Act 7610” signifies an important step towards the protection of our children form abuse and exploitation. Children below fifteen years old should be in school and should be protected and given the opportunity to realize their full potentials in community development and nation-building as healthy, educated and responsible Filipinos.

While we recognize the reality of the need for children to assist their families’ survival by working, we should also ensure that their safety, health, education and natural development are not impaired.
CLOSING
The passage of these laws could not have come at a better time. For this, I would like to extend my appreciation for the support and cooperation of the senate and the house of representatives.

With the senate ratification of the MIGA, we are promoting the Philippines as a more favorable destination for investments. With these three bills that I have just signed, we have further demonstrated our willingness to institute reforms that should dramatically upgrade our socio-economic structures and improve the delivery of basic services.

What all this means is that we are as determined as ever to relentlessly pursue our twin strategies of people empowerment and global competitiveness. With the kind of concerted efforts we have manifested today, i am confident that we are getting ever closer to our dream of a better life for all.

I advance to all my best wishes for a blessed Christmas and sustained prosperity in the years to come and — my continuing appeal to congress for your valued cooperation and support of all other certified urgent and priority bills that are still pending.

Thank you and good day.