New Economics for a New Administration

PRIVILEGE SPEECH OF REP. BELLO

Mr. Speaker, the title of my speech is New Economics for a New Administration.

Corruption was the signature of the administration of Gloria Macapagal-Arroyo. This is why this Representation shares the public disgust with a record of orgiastic compensation, brazen manipulation of government agencies and funds for political purposes and massive waste of the people’s money, detailed by President Benigno Aquino III during his State of the Nation Address on Monday, July 26, 2010. The public is still reeling from the presidential revelations about the rotting of millions of sacks of imported rice in the warehouses of the National Food Authority, the way that the National Power Corporation (NPC) was commanded to sell electricity at a low price for electoral gain and the amazing privileges which the board and top executives of the MWSS gave themselves. However, I fully agree with my friend from Cavite, Hon. Elpidio Barzaga, when he said that President Aquino should not stop at that issue of MWSS because there are other government-owned and -controlled corporations and government financial institutions that have arrogated more exorbitant rewards for
their directors.