Do you know that in spite of the lingering global financial crisis that our country has been wrangling with since last year, the Philippines continues to meet its financial commitments to the United Nations (UN)?

In fact, the Philippines has landed in the UN’s ‘‘honors list’’ of countries that continue to fulfill on time its monetary obligations to the global organization – the only ASEAN country in the list since 2008.

The UN undersecretary general for Management, Ms. Angela Kane, made special mention of this in her report during the 64th Session of the Fifth Committee of the General Assembly last October 16, 2009.

In her report, Undersecretary General Kane paid tribute to the Philippines as one of only 21 member states that have paid in full all their assessments for Fiscal Year (FY) 2009.

The Philippines, together with Croatia and Iceland, were the latest addition to the 18 member states that have paid in full all assessments that were due as of October 16, 2009.

The assessments included dues to: Regular Budget – P70,618,000.00; Peacekeeping Operations – P112,820,000.00; International Tribunals – P7,026,000.00; and Capital Master Plan – P13,257,000.00.

As Foreign Affairs Secretary Alberto G. Romulo pointed out, “the Philippines’ inclusion in the honors list adds prestige and gives weight to the country’s pronouncements and initiatives in the UN. It also projects the Philippines as a responsible UN member.”

We could also say that this is another credible confirmation of the wisdom of the administration’s painful economic reforms which President Gloria Macapagal Arroyo relentlessly pursued amidst criticisms from doubting sectors.

Everyone knows that when President Arroyo assumed the presidency in 2001, she was faced with the enormous task of revitalizing a shaking economy. In the face of oftentimes disheartening criticisms, she embarked on bold fiscal and economic reforms which resulted in an increase in national output and productivity as real Gross Domestic Product (GDP) grew from a low 1.8 percent in 2001 to a 31-year high of 7.1 percent in 2007.

An added gain from these measures was the tougher Philippine economy that faced the global economic crisis, showing a still positive growth at 3.8 percent in 2008.

Investor confidence improved during her term, which translated to increased employment rates from about 89 percent in January, 2001, to 92.5 percent in April, 2009.

The investment climate created by the Arroyo administration resulted in the 7-year steady growth of net Foreign Direct Investments (FDI) from US$195 million in 2001 to US$3 billion in 2007. Even in 2008, despite investors’ risk aversion, the country managed to post cumulative net FDI inflows amounting to US$1.5 billion.

Indeed, our hard-fought economic and fiscal reforms have enabled us to meet our foreign obligations and gained for us the respect of the international community, as exemplified no less by the UN.