BY JOCELYN MONTEMAYOR

PRESIDENT Arroyo on Thursday said strengthening the domestic economy through better tax administration is one way of helping the country ride the current financial turmoil.

In a speech at the 107th anniversary of the Office of the Solicitor General Thursday night, Arroyo said while the economy is now more resilient and strong, the Philippines like most other countries must still work on insulating its economy.

"We’re working hard to strengthen the domestic economy by accelerating sending on infrastructure... fast-tracking financial reforms to strengthen and improve the fiscal health through better tax administration… and having investments by reducing bottlenecks," she said.

She said the Executive and Congress are also in close cooperation to institute needed financial reforms.

Sen. Manuel Roxas said the economic slowdown in the United States calls for a shifting of priorities in the proposed P1.145 billion national budget for 2009, by focusing on programs to ensure stable livelihood and income for the poor.

He said boosting the agriculture sector should be the top priority to achieve food security by providing enough assistance to farmers, as a way of sparing the local economy from international food price shocks.

Roxas stressed the need to evaluate each item in next year’s budget, especially lump sums whose uses are not clearly defined and which could be a source of corruption.

"Kailangan talagang higpitan ang sinturon, pero hindi ibig sabihin na mawawalan ng social services ang ating mahihirap," he said.

Party list Rep. Liza Maza (Gabriela Women’s Party) said Malacañang’s economic managers should stop sugarcoating the global financial crisis and its impact on the Philippine economy.

"The global financial crisis and the recession that the United States is currently experiencing will have a substantial impact on our economy and on Filipino migrants in the United States. Huwag na tayong maglokohan," said Maza.

Maza was reacting to recent statements issued by Budget Secretary Rolando Andaya Jr. that that OFW jobs in the United States are recession-proof.

"There is no such thing as a recession-proof job and there is no such thing as a recession-proof Filipino migrant. On the contrary, Filipinos in the Unites States are extremely vulnerable."

Maza said the bailout plan hatched by US President George Bush "burdens tax payers, including Filipino migrants."

"More importantly initial studies on the demographics of sub-prime borrowers indicate that minorities and migrants – Filipinos included – who have yet to establish a good credit standing that will allow them to qualify for regular loans are most vulnerable to sub-prime borrowing."

"Expect the economy’s lifeline - OFW remittances - to go down. We must likewise expect a slowdown as an estimated 70 percent of our country’s financial transactions are done with the United States."