The Philippine Congress officially announced the results of the presidential and vice-presidential elections yesterday, but the newly elected President Aquino warned amidst the celebrations that the Philippines is deeply mired in serious crises, including a fiscal budget deficit. The 50-year-old Aquino won the support of voters with a promise to combat corruption and poverty, securing victory with 42% of the vote.
However, dressed in traditional attire, Aquino stated at a press conference that he must immediately focus on addressing the severe crises facing this nation of 90 million people, particularly the issue of the fiscal budget deficit.
He said, “I am a bit nervous and a bit anxious to resolve the issues troubling our people. I cannot say that I feel complete joy at this moment.” He expressed the need to understand the extent of the fiscal deficit his administration is inheriting, pointing out that these issues are the mess left by the Arroyo administration. He anticipates that this year's deficit could reach a new high of 400 billion pesos (approximately 12.1 billion Singapore dollars). Last year's fiscal deficit was 298.5 billion pesos. He stated that severely cracking down on tax evasion, smuggling, and corruption is also a top priority. Implementing a new tax system would be a last resort, “If we have made every effort and the deficit is still uncontrollable, a new tax system will be the last option. You must first rigorously combat tax evasion before considering making the people live a hard life.” He also mentioned that a regressive tax system is an unfair solution for the lower classes.
Aquino aims to expand health insurance to cover all citizens and improve judicial processes, accelerating the trial and judgment of court cases. Currently, only 38% of the population has health insurance. He stated that he would announce the list of key cabinet members, including the Secretary of Finance, as soon as possible. He indicated that a candidate for the finance secretary position is already apparent, but he did not disclose who it is.
Aquino's political allies and supporters filled the congressional hall yesterday, repeatedly chanting his nickname “Noynoy.” Aquino said, “I am glad the entire process is over. It is now certain that we will take the oath of office on June 30. However, this country still anxiously faces many issues, and we intend to resolve these issues as soon as possible.”
The defeated presidential candidate Estrada's vice-presidential partner Binay won the vice-presidential election, defeating Aquino's running mate Roxas. Binay indicated that he would follow the president's directives and would not engage in sabotage. Yesterday, congratulatory messages were sent to Aquino from the United Kingdom, Canada, China, Japan, and the United States.
