SINGAPORE– Asia may be recovering from the global recession but the Philippines is not abandoning its fiscal stimulus programs just yet, President Gloria Macapagal-Arroyo said.

The President, addressing around 500 Filipino workers at the Fullerton Hotel Friday night, said the risk of fiscal meltdown remains even as Philippines and some economies have survived the sting of the credit crunch.

On this city nation to join the two-day Asia Pacific Economic Conference Economic (APEC) Leaders’ meeting, the President assured that her government has adequate funds for measures to further stimulate the country's economy, particularly shielding the poor from the impact of the global fiscal storm.

Prior to the summit, APEC finance ministers have discussed when the fiscal stimulus should be taken out, although "everyone agreed that it is too early for an exit plan," according to the President.

"The actual problem was how to finance the stimulus package", she added.

“We can still finance the fiscal stimulus; our bonds are still very marketable. We are resilient and will bounce back to the rapid growth that we have achieved before it slowed down during the economic crisis,” the President said.

Mrs. Arroyo, who has taken pride of tough fiscal reforms that enabled the Philippines to sustain growth, said Asia has made a “solid comeback” in surviving the global financial crisis.

“Even the Philippines, with the challenges of a developing nation, was prepared for it (the crisis). It could have been worse if we had not taken the necessary fiscal reforms several years ago," she said. "That has kept the wolf away from the door, but the wolf is still there.".

A sustained fiscal stimulus program is part of the preparation for an early recovery from the global economic crisis by the 21 APEC leaders in their summit this weekend.

During the APEC talks, the President said her participation reflects her resolve to active engagement in trade, commerce, and economic cooperation among nations. Such energetic engagement, she added, has helped the poor and fed the hungry.

“It is important that we continue to engage globally,” said Mrs. Arroyo, apparently defending her latest foreign travel despite political and security problems back home.

In recent months, the President has drawn sharp criticisms for her frequent costly travels abroad, including expensive dinners at upscale restaurants, from various opposition groups while many Filipinos are still suffering from poverty and hunger.  (Genalyn Kabiling)