G20 Update : Facing Economic Crisis

The whole world is suffering from economic crisis and G-20 is taking an action to stand out such chaos. The G-20 (which is known as the Group of Twenty finance Ministers and Central Bank Governors) has indeed contributed and strengthened the international financial architecture and to foster sustainable economic growth and development. The role and the aim of group is to tackle the international financial and economic crisis, restore worldwide financial stability, lead the international economic recovery and secure a sustainable future for all countries.

The financial markets and the world economy continue to face serious global challenges and the severity of the crisis and ongoing uncertainties demonstrate the need for urgent action. During the United Kingdoms Chair, the immediate priority will be to gain further agreements for a concerted, co-ordinated international response.

Everyone was so optimistic during the summit and that they believe the importance of government actions will be magnified the more they are coordinated across the globe.

ITUC General Secretary Guy Ryder said: "We are covering every possible base in alerting world leaders to the depth of anger and frustration felt by working people everywhere at the complete failure of unregulated capitalism."

"People are paying for this disastrous failure of governance with their jobs and livelihood, and nothing less than a complete overhaul of the system can meet the urgent needs of this moment."

However, he was deeply worried that G20 governments are not yet ready to show the necessary leadership. "Every moment they delay taking the far-reaching decisions needed means more jobs lost and more people falling into poverty."

The 2009 National Budget

President Gloria Macapagal Arroyo signed last Thursday the 2009 National Budget which is P1.414-trillion.

Malacañang said, it will allow more spending to "blunt the effects of the global economic downturn," Budget and Management Secretary Rolando Andaya announced yesterday.

According to them the increase in the budget will provide funds for activities that will encourage growth in the economy and create jobs, like building more infrastructure and increasing funds for social services.

The P10-billion ESF will fund the construction of at least 6,000 classrooms, 2,959 kilometers of farm-to-market roads, and irrigation works in 125,000 hectares, among other infrastructure projects.

By agency, the biggest recipient of this year’s budget is the Department of Education (DepEd) with an outlay of P158.2 billion, followed by the Department of Public Works and Highways (DPWH) with P130 billion, and the Department of Interior and Local Government (DILG) with P63 billion.

The other agencies with the biggest budgets are: Department of National Defense (DND), P56.5 billion; Department of Agriculture (DA), P41.2 billion; Department of Health (DoH), P27.9 billion; Department of Transportation and Communications (DoTC), P25 billion; State Universities and Colleges, P22.8 billion; Department of Agrarian Reform (DAR), P13.1 billion; and the Judiciary, P12.6 billion.

The President then promised that no single government employee will lose job!