The ADB says that we should go focus more on stimulus spending.
After all, stimulus spending doesn't seem to be working for the US (as can be seen from this rather neutral article from an Obama-friendly magazine):
". . .public doubts about the stimulus have, if anything, deepened. The economy deteriorated faster than economists expected, with unemployment now predicted to exceed 10% next year, higher than the White House had projected in January."
In the end, how comfortable is the Filipino in letting the government have more money and deciding where to spend it? For me, the way out of the economic hole we have right now in a more fundamental sense (which should be our focus as our economic situation isn't as dire as the other countries) is dependent on our private sector competitiveness and improving the quality of our education (the latter of which does not necessarily mean substantial increase in spending in that regard).