In another effort to bring the country’s economic gains to the poor, President Arroyo yesterday announced plans to allocate P500 million to subsidize the purchase of more medicines which will then be sold at half their prices to the poor.
During a visit in Koronadal City, South Cotabato, the President said the new funds would be sourced from the anticipated high yield of Philippine bonds next month.
The President ordered Philippine International Trading Corporation (PITC) President Roberto Pag- danganan to present a business plan on the expansion of the government’s program of half-priced medicines at the Cabinet meeting next Tuesday.
Mrs. Arroyo said the officials of the National Development Corporation (NDC), which will fund the affordable medicines, will be present at the meeting. "This will be done because the NDC will be able to float about P2 billion worth of bonds next month. Half a billion will go to half-priced medicines," she said.
The President said the Philippine bonds have become more attractive to foreign investors because of the country’s improved fiscal position. The half-abillion-peso allocation would be on top of the P100-million budget for the government’s half-priced medicine project which began in 2001, Mrs. Arroyo said.
"This will translate into more widespread delivery of Botika ng Barangay and other means of selling half-priced medicines," she said.
The President said the government has incorporated health services among the five priority areas to be financed by the P35-billion package earmarked to bring near-term improvement in the lives of the poor. Other areas are food, education, housing and infrastructure.
The President released a total of P3.1 billion in the first week of the New Year to finance various pro-poor programs.
"We now have funds for basic services, thanks to the passage of tax measures that increased our revenues. With funds available, we will be able to deliver quality health services to the people, including half-priced medicines," she said.
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