Saying the people deserve no less than the truth, President Gloria Macapagal-Arroyo today said she has to prescribe the bitter pill in terms of a new package of revenue and cost-saving measures if the country is to start its journey to permanent economic stability.

Speaking at the 13th Mindanao Business Conference at the Davao Convention and Trade Center here where she was guest of honor and speaker, the President said it is her duty to inform the people of vital matters affecting their lives.

"The people deserve no less than the truth on the issue of national survival. I know the pain of suffering and I’m no stranger to unpopularity, even if I have to prescribe the bitter pill," the President said.

The President was referring to the package of tax measures which her economic managers recommended that includes raising P80 billion in revenues and P100 billion in cost-saving and austerity measures.

She said the money raised from these revenues would be spent wisely and no less than Malacañang would lead efforts to cut borrowing expenditures without necessarily cutting down on services.

"This is the time for shared goals and shared burdens," the President stressed even as she thanked those who have shown a deeper sense of community like the Silliman alumni who donated pieces of jewelry, government employes and agencies who donated part of their earnings to the government and the businessmen who contributed to the Bayanihan Fund.

She also cited the patriotism of those who regularly pay their taxes while warning against those who don’t, saying "the time for avoiding taxes is over."

"Fiscal discipline and cost-cutting are the bywords in the Cabinet," she said. "GOCCs (government owned and controlled corporations) will be pruned and whipped into line."

Earlier, the President was presented a Mindanao Action Agenda by the Davao businessmen whom she thanked for sharing in the government’s goal of fulfilling the promise of Mindanao.

The President said she would lead the fight against poverty in the island, considered as the poorest region in the country, focusing her efforts on health, housing and education.

She likewise bared her plans of developing Mindanao as the agri-business center of the country.

Earlier she had led the launching of the P60 million G-Com/Cyber City call center project expansion here that would further boost investments in the information and communications sector in Mindanao.