Full text, State of the Nation Address 2008

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I address you today at a crucial moment in world history.
Just a few months ago, we ended 2007 with the strongest economicgrowth in a generation. Inflation was low, the peso strong and amillion new jobs were created. We were all looking to a better,brighter future.
Because tough choices were made, kumikilos na ang bayan sa wakas.Malapit na sana tayo sa pagbalanse ng budget. We were retiringdebts in great amounts, reducing the drag on our country'sdevelopment, habang namumuhunan sa taong bayan.
Biglang-bigla, nabaligtad ang ekonomiya ng mundo. Ang pagtalon ngpresyo ng langis at pagkain ay nagbunsod ng pandaigdigan krisis,the worst since the Great Depression and the end of World War II.Some blame speculators moving billions of dollars from subprimemortgages to commodities like fuel and food. Others point of thevery real surge in demand as millions of Chinese and Indians moveup to the middle class.
Whatever the reasons, we are on a roller coaster ride of oil pricehikes, high food prices and looming economic recession in the USand other markets. Uncertainty has moved like a terrible tsunamiaround the globe, wiping away gains, erasing progress.
This is a complex time that defies simple and easy solutions. Forstarters, it is hard to identify villains, unlike in the 1997financial crisis. Everyone seems to be a victim, rich countries andpoor, though certainly some can take more punishment than others.
To address these global challenges, we must go on building andbuttressing bridges to allies around the world: to bring in therice to feed our people, investments to create jobs; and to keepthe peace and maintain stability in our country and the rest of theworld. Yet even as we reach out to those who need, and who may needus, we strive for greater self-reliance.
Because tough choices were made, the global crisis did not catch ushelpless and unprepared. Through foresight, grit and politicalwill, we built a shield around our country that has slowed down andsomewhat softened the worst effects of the global crisis. We havethe money to care for our people and pay for food when there areshortages; for fuel despite price spikes.
Neither we nor anyone else in the world expected this day to comeso soon but we prepared for it. For the guts not to flinch in theface of tough choices, I thank God. For the wisdom to recognize howneeded you are, I thank, you Congress. For footing the bill, Ithank the taxpayers.
The result has been, on the one hand, ito ang nakasalba sa bayan;and, on the other, more unpopularity for myself in the opinionpolls. Yet, even unfriendly polls show self-rated poverty down toits 20-year low in 2007.
My responsibility as President is to take care to solve theproblems we are facing now and to provide a vision and directionfor how our nation should advance in the future.
Many in this great hall live privileged lives and exert greatinfluence in public affairs. I am accessible to you, but I spendtime every day with the underprivileged and under represented whocannot get a grip on their lives in the daily, all-consumingstruggle to make ends meet.
Nag-aalala ako para sa naka-aawang maybahay na pasan angpananagutan para sa buong pamilya. Nag-aalala ako para samagsasakang nasa unang hanay ng pambansang produksyon ng pagkainngunit nagsisikap pakanin ang pamilya. I care for hardworkingstudents soon to graduate and wanting to see hope of good job and acareer prospect here at home.