PNoy’s P72-B stimulus package to stop effects of ‘Occupy Wall Street’ protests

House Committee on Good Government Chair and Iloilo City Rep. Jerry Trenas on Wednesday said that President Aquino’s decision to allocate a P72 Billion  stimulus package for various infrastructure and

reconstruction projects is a timely intervention to the growing global economic unrest that would likely deepen with the unfolding “occupy Wall Street” protest in New York that is now turning into a contagion

in many of the world’s financial centers.

“ This is worrying. While we do not see or feel the immediate effects of this so-called  ‘Occupy Wallstreet protests,’ there is a chance that this unrest which is focused on the global financial system could have ripple effects on our own market. President Aquino’s stimulus plan came in time to shield us from the effects of the global financial unrest,” Trenas said.

Trenas said the  P72-billion stimulus package for various infrastructure and reconstruction  projects, which include support funds for Local Government Units and urban resettlement projects would surely shield the country from the effects of the Occupy Wall Street contagion.

Trenas, who was the former Iloilo City mayor before becoming a congressman, particularly lauded President Aquino for giving special attention to the LGUs by allocating them P6.5 Billion in stimulus fund

and another P10 Billion  to resettle and relocate informal settlers and families in danger zones.

Trenas expressed hopes that LGUs would be able to optimize use of the stimulus fund especially in the field of education, environment production, job generation, productivity enhancement and poverty

alleviation.

“ Certainly, this action of the president only underlines the commitment of his administration  to use public fund where it matters most. The stimulus fund would  have high macroeconomic impact, and

will help the poor, What’s really good about the stimulus fund is the fact that the money came mainly from fiscal savings which means that the fund is really ready and available,” Trenas said.

Trenas said that through the stimulus fund, Trenas expressed confidence that increased but leakage-free government spending on public works  projects t would not only improve the country’s civil infrastructure system and boost the economy  but it would also provide employment and livelihood for a lot of people.

“ I believe that the effects of this stimulus package would be immediate especially because it came at a time when we really need to shield ourselves from the effects of the global financial crunch that may be aggravated by the Occupy Wall Street fad that is sweeping many financial centers around the world.

Trenas noted that from the P72 Billion stimulus package, the Aquino government has also alloted   P5.5 billion on various infrastructure projects under the Department of Public Works and Highways (DPWH); and P4.5 billion will go to the Metro Rail Transit and P1.868 billion will go to the Light Rail Transit (LRT).

The “Occupy Wall Street” movement is an ongoing series of demonstrations in New York City based in Zuccotti Park on Wall Street.

Initiated by the Canadian activist group Adbusters. The participants are mainly protesting social and economic inequality, corporate greed, as well as the power and influence of corporations, particularly from the financial service sector, and lobbyists over government.

According to reports,  similar demonstrations were either ongoing or had been held in 70 other major cities and over 600 communities in the U.S., including the estimated 100,000 people who demonstrated on October 15. Internationally, other “Occupy” protests have modeled themselves after Occupy Wall Street, in over 900 cities.

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