INTRODUCTION
I close this day-long summit with a deep sense of fulfillment in having personally witnessed your shared enthusiasm and dynamism in building a solid front to tackle our present economic predicament. This, indeed, is a very inspiring show of unity, solidarity and teamwork among people representing diverse interests, disciplines, or even political persuasions.

To my mind, this again speaks eloquently of how much better and faster consensus can be reached after having achieved unity and a common understanding of the problem.

Even before we begin the actual implementation of this summit’s outputs and agreements, allow me to commend all of you for finding time to be with us and giving your valuable contribution to the discussions. In return, i will see to it that your views are given due consideration and, to the extent possible, made part of our unified agenda to fight off the latest threats to our economic stability and welfare as a nation.

For sure, our efforts today do not, by themselves, solve the problem. I am fully aware that the Asian currency contagion is so complex and so deeply rooted in our economies that it must be approached with utmost caution and understanding.

Judging from the magnitude of the problem, it is obvious that quick-fix solutions cannot take the place of careful analysis and planning. It is equally apparent that neither empty rhetoric nor pure nationalistic fervor can work the cold realism that is needed to come up with a scientific solution to the problem.

I am pleased to observe that this summit has proceeded along those parameters. After ventilating all the relevant issues, it was able to generate very constructive responses from the participants.

Let me mention, in particular, the urgent recommendations to carefully monitor the labor situation so as to prevent layoffs or closures of firms due to the rising costs of business and other developments spawned by the currency problem. Equally noteworthy are the resonant calls for transitional programs and direct interventions to, at least, minimize the harm inflicted upon the vulnerable sectors of our society.

These, I assure you, are first in the agenda we will implement. In fact, they are not only first in our action agenda; we have already begun implementing them!
THE NEXT STEPS
At this point, let me say that we are very much on course in crafting an appropriate response to the situation.

Having convened this summit and having generated your valuable insights, we are now ready to proceed to the next steps, which are: first, a sustained implementation of a concrete and “doable” action plan embodying the strategic measures to address the currency crisis; second, a new legislative program for consideration of the 11th Congress; and, third, a communication-information component.

Firstly, it is necessary for us to immediately implement a concrete and doable action plan not only to cushion the remaining negative effects of the currency turmoil on the different sectors of the economy but also to strengthen the national economy even more, and lessen its vulnerability to external shocks.

Surely, we are getting there. The hard work we have invested in instituting economic reforms over the last few years have begun to reap dividends. But we need to accelerate this process of reform even more if we are to lay claim to having one of the most stable economies in our region.

Secondly, over the longer term, of course, we shall rely on congressional support in the form of relevant legislation that will put in place more permanent economic measures. I trust that, at the end of these discussions, our partners in both chambers will have a clearer view of what the Ramos administration and the rest of the sectors represented here will need in terms of legislative support relative to our economic conditions.

Thirdly, I fully subscribe to the proposal to include a communication-information component to these initiatives. I base this on the observation that trends and conditions in a free-market economy like ours are affected, in no small way, by the information we give and receive.

We are a free-information society as much as we are a free-market economy. Thus, where there are practically limitless means and opportunities to convey information, true or false, reliable or otherwise, there must be an active effort on the part of the more responsible sectors of society to infuse greater transparency in the markets or to rectify distorted information, especially the kind that defeats the national interest.

A financial problem does exist. But nowhere is it as big as it is being painted in the eye. The ill effects of misinformation and disinformation, particularly that of unfounded negativism, are too apparent to ignore. Clearly, when what we hear or see — or choose to hear or see — is nothing but a spate of unpleasant news or dire forecasts, the markets tend to respond in similar fashion, thereby perpetuating a cycle of fear and pessimism or, worse, opportunism.

We have seen this happen all too often. This is the kind of situation that leads to currency speculation, bank runs, panic buying or hoarding, and irresponsible or opportunistic pricing. And so, by keeping our people properly informed all the time, we hope to enable them to exercise wise and responsible judgment, always keeping in mind the national interest.
THREE MAIN MESSAGES
Given our situation, my dear countrymen and countrywomen, there are just three main messages I wish to convey.

First, let us fortify our unity. In all these endeavors, our unity is of paramount importance. In these times when no less than a national response is needed to protect the country from the perils of an increasingly complex global economy, let not the rising tide of political enmity, partisanship and factionalism rupture our solidarity as a nation.

Second, let us think, analyze, study and plan more responsively. We cannot afford anymore to be unscientific in our approaches. The problems we face are complex, but they are not insurmountable if we can respond to them intelligently. We cannot, however, continue to gamble on our future, or rely on gut-feel or uninformed judgments in making our choices.

Lastly, yet most importantly, let us keep the faith. These may not be the best of times for us and for our economy, but there remains much that we can be secure about. To start with, our economy remains stable, and by far is the least affected by the crisis in our region. But over and beyond the economy’s resiliency, there remains in us an inner strength and resiliency to rise above adversity, as our forefathers did in battling the odds to establish this, the first republic in Asia.
It was a leader’s role we had to play then. We can play the same role in combating the currency menace, given our economy’s relative stability.

That can only happen if we can put our own house in order — quickly and decisively — and muster all the selfless wisdom and creative energy that our democracy can offer.

We had put our house in order before in order to turn around our economy from sluggishness to growth. With the present challenge, I am confident that we can do it again.

Maraming salamat at mabuhay tayong lahat!