The record-breaking high set by the stock market, the peak in overseas remittances and the raging performance of the peso are clear manifestations that our economic homerun is in play.

Not even the intense politicking brought about by the forthcoming elections can spoil the larger game of the economy.

Our eye is on the ball as we aim our volleys on better paying jobs, improved infrastructure, enhanced social services, the alleviation of poverty and hunger, fighting terror and nurturing the environment.

The Filipino people are shrugging off the past and looking forward to the fruits of steady growth, trade and investment. We must all seize the moment to reach the summit through our unity and hard work, brandishing the Filipino team spirit that has gained renown worldwide.

The Philippines is the team to beat when it comes to excellence, resiliency and staying power in a competitive world.

But there are specific challenges we have to contend with and I am saddened by the fact that a visa hold has been imposed on the deployment of our Filipino nurses as a result of the cheating scandal affecting the nursing exams last year.

I am ordering the Secretary of Labor to immediately look into the findings of the Commission on Graduates of Foreign Nursing Schools (CGFNS); and seek all forms of relief from the visa hold, and appeal for reconsideration of the decision.

The Executive Secretary shall also follow up all reform measures mandated by the Cabinet for the Professional Regulation Commission (PRC) to uphold the integrity of that institution.

All officials involved in the nursing exam leakage should be dismissed without benefits and criminally charged. If necessary, the government shall provide financial assistance to 2006 nursing board passers for the retake of the exams as called for by the CGFNS, with the proper body to oversee the project, including having a common review center.

We laud and support the action of the Chief Justice to create special courts to hear cases of unexplained killings of an ideological nature.

The move of the Chief Justice is a solid step towards ending the culture of violence and violation of human rights by extremist elements.

As stated by President Arroyo earlier, the Executive branch shall work in tandem with the High Court to field special investigators and special prosecutors for these cases.

The special courts open a new window of cooperation from all affected parties and sectors and we are reiterating our call for the relatives of the victims, witnesses and even militant groups to take this venue in laying down the evidence and serve the high cause of justice.

CANLUBANG, Laguna - President Gloria Macapagal-Arroyo led today the groundbreaking ceremony of the $81.5-million (about P4 billion) proposed expansion plant of multinational and health care giant Wyeth Philippines, Inc. (WPI) which is expected to create about 300 new jobs for Filipinos.

At the brief groundbreaking rites, the President inserted the blueprint of the project into the capsule along with lucky coins, seals of the company, a newspaper article bannering the construction of the $81.5 million expansion project and the additional dryer used in manufacturing.

The addition of a third dryer is the latest investment to improve the manufacturing of high quality nutrition products and increase the plant’s rated capacity to produce powdered milk formulas by 70 percent to 44.6 million kilograms per annum.

Wyeth Group vice president Gaetan Crucke and WPI president and general manager Perpetuo de Claro both thanked the President in their separate messages and congratulated her for the fiscal and economic reforms she had implemented that made the peso stronger and the economy more vibrant.

The President was accompanied by Trade and Industry Secretary Peter Favila, Laguna Governor Teresita Lazaro, Presidential Adviser for Region 4 Edgardo Manda and Laguna Congressman Justin Chipeco.

The expansion project, which will be fully operational by 2008, is intended to generate savings in the amount of US$65 million annually as the company shifts sourcing from foreign imports to domestic production.

It is also projected to contribute P500 million annually for the first eight years and P900 million yearly by way of tax payments to the government.

News that the stock market has hit a 10-year high has boldened President Gloria Macapagal-Arroyo to declare today that the country’s economic homerun is in play and that the Philippines is the team to beat when it comes to "excellence, resiliency and staying power in a competitive world."

The President made the remarks during the 2007 International Science and Technology Conference of the Philippine-American Academy of Science and Engineering (PAASE) this afternoon at the Century Park Hotel in Manila.

In her speech, the President said the government’s fiscal reforms have not only made the Philippines more progressive but also shown the excellence and resiliency of the Filipino in facing up with global challenges.

Putting the economic house in order, she pointed out, has resulted in a vibrant stock market, stronger peso, lower interest rates and savings of some P30 billion last year.

"The record-breaking high set by the stock market, the peak in overseas remittances and the raging performance of the peso are clear manifestations that our economic homerun is in play," she explained.

"Not even the intense politicking brought about by the forthcoming elections can spoil the larger game of the economy," she added.

Share prices at the stock market Thursday reached levels that were last seen before the Asian crisis 10 years ago while the peso also performed well, closing at a six-year high of P48.25 against the US dollar.

The President said fiscal reforms and good governance have resulted in more funds to provide more job opportunities and other essential services for the people.

"Our eye is on the ball as we aim our volleys on better paying jobs, improved infrastructure including technology, enhanced social services, the alleviation of poverty and hunger, fighting terror and nurturing the environment, all of which will benefit from technology," the President said.

She said the Filipino people are now shrugging off the past and looking forward to the fruits of steady growth, trade and investment.

To cope with the challenges of globalization, President Gloria Macapagal-Arroyo issued today an Executive Order creating a Presidential Coordinating Council on Research and Development and earmarked P200 million for scholarship programs on science and technology (S&T).

Showing the signed Executive Order during her speech at the 2007 International Science and Technology Conference of the Philippine-American Academy of Science and Engineering (PAASE) at the Century Park Hotel in Manila, the President said she has ordered Budget Secretary Rolando Andaya to allocate P200 million for the scholarship program.

"In my State of the Nation Address (SONA), I said that a country that wants to be a player in the global economy needs bold and well-funded research and development initiatives on its own. For in today’s global economy, knowledge is the greatest creator of wealth," the President said.

The PAASE conference is a bi-annual activity that intends to share scientific information and promote collaboration among local and international Filipino science and technology researchers.

This year’s conference, in cooperation with the Department of Science and Technology (DOST), National Academy of Science and Technology (NAST), National Research Council of the Philippines (NRCP), and Philippine Association for Technological Education (PATE), is themed "Science, Engineering, and Technology in Economic Development."

The President said the issuance of the executive order and the allocation of P200 million for the scholarship programs are part of the five action plans agreed upon when PAASE and the government’s education and information and communications technology (ICT) agencies met last year.

The President said foremost among the action plans is a review of policies by a Presidential Coordinating Body.

"Today I am issuing an Executive Order creating a Presidential Council on Research and Development," the President said as she showed the signed copy of the Order.

The second agreed action plan, the President said, is to expand the number of Filipino S&T experts as building up of S&T capacity is urgently needed to enhance productivity, competitiveness and problem-solving skills.

"This morning I have a phone conversation with Budget Secretary Andaya. I have instructed him to release P200 million for Science and Engineering Masters and Ph.D. scholarship program," the President said.

The President said the third agreement called for the establishment of a science complex.

"Our supplemental budget for 2006 provided P500 million for a UP Science Complex. I asked UP president (Emerlinda) Roman how is it coming along and she said it is coming along fine," she said.

The fourth agreement, according to the Chief Executive, is to strengthen linkages between and among the stakeholders of S&T development to speed up technology transfer to micro, small, and medium enterprises.

The President said she has instructed DOST Secretary Estrella Alabastro to put up four business incubators this year, including one in Camarines Sur, a coconut producing province, to promote virgin coconut oil.

"We would like virgin coconut oil to be as famous as Italian olive oil is," the President said.

She also asked the PAASE members to provide the media with information materials, as the fifth agreement was to increase public awareness and advocacy for S&T.

The President said increased public and private sector spending such as for R&D and S&T is one of the paybacks of the country’s fiscal reforms.

Studies have shown that economic growth can be best sustained through technological innovation that can come about from R&D.

President Gloria Macapagal-Arroyo awarded today 120 scholarship certificates for out-of-school youths of Barangay 833, Zone 91 in Pandacan, Manila under the PGMA Training for Work Scholarship Project of the Technical Education and Skills Development Authority (TESDA).

The President presented the certificates to Barangay 833 Chairman Regalado Cabunilas during her visit and interaction with barangay officials and residents this afternoon in Pandacan.

The grant of the 120 training certificates is part of the 100,000 scholarship vouchers under the PGMA Training for Work Scholarship Project.

Scholarhips granted under the training program are for welders, call center agents, slaughtering operation, information and communications technology (ICT), agri-business, health and medical services, medical tourism, and hotel and restaurant services.

The President also awarded to Flora Collado a certificate to operate a Tindahan Natin, which retails basic commodities at low prices for the barangay residents.