Michelle Bachelet, the Chilean president who was elected in March and is the first woman to hold this office in South America, addressed the nation yesterday from Valparaiso to announce some of the initiatives of her administration. It’s clear that Bachelet’s focus is on effecting change in the areas of Chilean society where it is most needed. She plans to take profits from Chile’s booming copper industry and invest funds into social programs for the poor, secured pensions, education and other initiatives.However, Bachelet is being cautious about how she allocates the estimated 11 billion dollars in revenue, stating:

“Latin America’s history is full of examples of how wealth created in good times was poorly administered, and how things would end in crisis,” said President Bachelet, making special reference to Chile’s own “boom” more than a century ago when saltpeter mining in the north created tremendous wealth for the country. “The price of copper today creates an opportunity for us, but it is also a challenge,” she said.

Bachelet set forth her specific plans in the speech, focusing on low-income families, children and the elderly:

Bachelet went on to say in her “State of the Nation” speech that she hopes to make significant headway on four important fronts: creating more stable and dignified retirement plans for Chile’s needy; improving pre-school, primary and secondary education in the nation’s public school system; promoting innovation and research in the business sector (while also simplifying the tax burden for small and mid-sized businesses); and putting an end to blighted communities that foster crime and disillusionment in Chilean society.

The President also announced a US$34 (18,000 pesos) energy cost rebate to each of the nation’s 1.23 million poorest families to help them weather this year’s increased energy prices. These are families with a reported monthly income of less than 180,000 pesos (US$350).

Via / Santiago Times