INTRODUCTION
Today, I sign into law eleven (11) national and seven (7) local bills that will advance our pursuit of economic and social reforms. The national laws cover special aspects of socio-economic development while the local laws, although specifically focused on local developments, will enhance the contribution of local government units to national endeavors.
ECONOMIC REFORMS
To further our economic modernization program, we have four new laws.

A. Amending the Omnibus Investments Code

We had instituted several reforms to make the nation globally competitive in the light of the new world trade order.

The Omnibus Investments Code of 1987 is one such important measure, but it had certain limitations.

With this law amending the code, we may now apply the suspension of some nationality requirements to multilateral financial institutions (MFIs) investing in preferred projects or BOI-registered projects. This law, however, remains true to the spirit of investment enhancement under the omnibus investments code.

With this amendment, we have opened new opportunities for more capital-intensive investments and create new employment opportunities and other gains for our people.

B. Longer life for APT-COP

In our search for more funds to finance our development programs, we lengthen the life of the twin agencies tasked with generating revenues and expanding private economic activity: the Committee on Privatization (COP) and the Asset Privatization Trust (APT).

This law is a recognition of the success of COP-APT in generating gross revenues of p128 billion since their creation up to the year 1994. We especially commend the efforts of both agencies for their sales of p50 billion for 1994 alone.

This law is therefore a welcome piece of legislation as, once and for all, it enables both APT and COP to optimize their capabilities in finding funds for the government, expanding economic participation of the private sector, and broadening the ownership base of properties.

C. Fishpond/prawn farm exemption from CARP

The exemption from the Comprehensive Agrarian Reform Program of fishponds and prawn farms provided for in this new law is the product of a balancing act between the aspiration of our peasants to own land and the economies of scale required for globally competitive fishpond and prawn farm operations.

Our legislators have carefully weighed the considerations of opposing but equally important sectors in these particular industries. By no means have we sacrificed the interests of our landless fish and prawn workers. This law contains provisions to protect the workers. The incentive scheme of 7.5% net profit for all regular workers in the industry should spur them towards greater productivity and thus towards better incomes and other benefits.

More significant is the provision requiring the industry workers’ consent before exemption is granted, which necessitates organizing the workers and providing them more opportunities for protection and self-empowerment. Fishpond and prawn farm operators are given better chances to be more efficient in the face of fierce global competition.

D. National Dairy Development Authority

Milk and other dairy products are not exclusively the concerns of parents, they are national concerns. Our almost total dependence on imports for milk and other dairy products constitutes a major drain to our foreign exchange. Milk imports for 1994 alone amounted to us $70 million.

This law is especially significant in that it recognizes the role of the private sector in the development of the industry. It also gives priority to small holder farmer-cooperative enterprises. Finally, it emphasizes the role of women in nutrition and recognizes the need for the integration of the different components of the industry to ensure efficiency and effectiveness.
SOCIAL REFORMS
Our efforts to make the benefits of development be within the reach of underprivileged sectors has been greatly boosted by seven nationally significant new laws for social reforms.

A. Electoral reform

A new law brings within the ambit of our general law on crimes — the revised penal code — the matter of coercion and other acts violative of the exercise of the right of suffrage: henceforth, graver penalties will be imposed against those who coerce, threaten or intimidate others in the exercise of the right of suffrage.

B. Health workers’ honorarium

This law directly benefits our barangay health workers. Often known as community volunteer health workers, they play a critical role in shaping the health of the Filipino nation as frontliners and active partners in community health development. In providing the first link between the individual and government health agencies, these unsung health workers have committed time, efforts, energy, knowledge, and sometimes faced great risks to do their work.

This new law provides each of our 500,000 barangay health workers a p600 monthly honorarium to be administered by the department of health.

C. Corneal transplant

Still for national health, we sign into law an addition to Republic Act 7170, the Organ Donation Act. With this law, we hope to be able to save many more people from blindness caused by corneal diseases.

Inasmuch as RA 7170 failed to include corneal tissue as one of the organs allowed for donation, this law has corrected the oversight.

D. Allocation of DECS’ capital outlay budget

This law for the fair and equitable allocation of the DECS budget for capital outlay will enable us to meet our goal of at least one public elementary school per barangay and one public high school in every municipality in the country.

It has resolved earlier problems of allocation due to existing disparities. It is crucial in the nation’s long-term goal of quality education for the citizenry as well as for the short-term objective of implementing the 1995 DECS school building project. I am sure many parents will feel relieved to know that their 6-year-olds will not have to hold classes under the trees.

E. University of the Philippines (UP) Mindanao and other social reform bills

Our pursuit of quality education and competitive manpower extends to the tertiary educational level. We thus welcome this law authorizing the University of the Philippines to open campuses in Mindanao. It has been a grave oversight and an injustice to the people of Mindanao that the country’s premier university has been operating five campuses in Luzon and five in the Visayas but none in Mindanao where education is most needed.

This law is mutually beneficial for both the UP and the people of Mindanao.

We also have today a new law that provides more benefits for women engaged in cottage industries. With this, we affirm the strength of women power and the importance of our women as equal partners of men in national development.

Furthermore, we have this new law authorizing the conduct of elections of Sanggunian officials at-large in areas outside Metro Manila to assure our countrymen of greater participation and consultation through their Sanggunian representatives.
LOCAL LAWS
Today also, we welcome the entry of the 78th province of the country as we formally recognize the division of the province of Isabela into Isabela del Sur and Isabela del Norte. We likewise welcome the birth of two new municipalities of Guimaras province, the municipalities of Sibunag and San Lorenzo. I am sure that the creation of these new local government units will spur the people of both Isabelas and of Guimaras to work harder for progress.

We congratulate the people of Surigao del Norte and Zamboanga del Sur for having new schools — the Numancia National College of Science and Technology for the Surigaonons and the Josefina H. Cerilles Polytechnic College for Zamboanganeans. They now have another alternative to quality yet affordable education.

We also extend our best wishes to the people of Region 1, particularly the Pangasinenses, for their brand-new Region 1 Medical Center in Dagupan City otherwise known as the Governor Teofilo Sison Hospital, as well as the three-hundred bed capacity Pangasinan Provincial Hospital in Lingayen.
CONCLUSION
I heartily thank Congress for agreeing to extend its sessions so that other important bills, such as the ones we have today, may be enacted. I am sure our people are just as pleased as I am to know of the sacrifices you have made.

I congratulate all the authors and co-authors, sponsors and co-sponsors, and all legislators who have contributed to the speedy passage of these new laws.

We commend the leaders of both houses — Senate President Edgardo Angara of the Senate and Speaker Jose de Venecia of the House of Representatives — for persevering to make their respective houses models of productive legislative activity.

Most of all, I commend all of you, our distinguished legislators who, by your continuing faith, have demonstrated how political will can be actualized into far-seeing legislative policies that ensure the success of our economic and social reform programs which, in turn, prepare us for global competitiveness and a better future.

Mabuhay at maraming salamat.