Government efforts to lessen government expenditures and generate savings are part of its strategy to avert a larger financial crisis, sustain economic growth and protect the welfare of the most marginal sectors of society.

President Gloria Macapagal-Arroyo stressed this in a statement today as she pointed out that the world has taken notice of her administration’s efforts to wield the political will and push through with its plans of improving the present fiscal situation.

"This is a moment of sacrifice as it is a moment of truth, when we have to come to terms with the past and present and decide to win back national stability and survival over the long term," she said.

The President asked leaders in government and the private sector to find in themselves the moral resources to set the example and "take this fight to the finish."

Malacañang welcomed a move by the House of Representatives to scrap the pork barrel starting with the 2005 General Appropriations Bill, saying the decision was a gesture of their willingness to share the burden that the country’s present fiscal situation required.

House leaders have agreed to drop the pork barrel system and adopt the line-item budgeting to promote full transparency in the utilization of executive and congressional allocations.

The House’s move is the chamber’s response to the government’s call to rally behind massive efforts to lessen government expenditures and generate savings.

The Palace, however, stressed that the passage of the eight tax measures proposed by Malacañang was urgently needed for the country to avert a looming fiscal crisis.