PRESIDENT Arroyo Tuesday night expressed elation over the ratification of the cheaper drugs bill by the Senate and House but said she could not sign the measure into law in time for today's Labor Day celebration.

"Yes, thank God. Thank you, dear Lord," she said in Cagayan de Oro when asked to react on the bill's ratification.

Arroyo was at the mansion of Camiguin Gov. Jesus Jurdin Romualdo when she received the news.

Arroyo was inaugurating a new roll-on roll-off route from Bicol to Mindanao.

Sen. Mar Roxas, principal proponent of the measure to be known as the Universally Accessible Cheaper and Quality Medicines Act of 2008, said political will is needed to realize the bill's objectives.

"Approval of this law is one step, effective implementation is another. All the tools that can be used to lower the prices of medicines are in this measure, and it's up to the executive branch to undertake its implementation with courage and conviction in partnership with different sectors," he said.

"We in the legislature will convene an oversight committee to keep track of how the law is being used to lower the costs of medicines," he said.

He also reiterated his call for an Affordable Medicines Summit for the government, stakeholder groups and local and international health experts to formulate a detailed roadmap with specific timelines for the implementation of the law.

"Our work is not yet done. Those who have vested interests in maintaining the status quo will work for the failure of this measure," he said.

Roxas said the government, through the DOH, should look at operations in other countries with lower-priced medicines.

The law seeks to strengthen competition in the local pharmaceutical market by allowing the parallel importation of more affordable medicines and helping the local generics industry produce quality and affordable drugs.

It also grants the President the power to impose price ceilings on drugs, upon the recommendation of the Secretary of Health. These drugs include those for chronic illnesses, for prevention of diseases, and those in the Philippine National Drug Formulary Essential Drug List.

The law also seeks to ensure the quality of medicines by strengthening the Bureau of Food and Drugs. It also seeks to ensure the availability of affordable medicines by requiring drug outlets to carry and display a variety of brands for each drug, including those sourced from parallel importation.

Speaker Prospero Nograles said the people would be disappointed if medicine prices are not brought down within 100 days of the bill's signing.

His sentiment was echoed by minority leader Ronaldo Zamora along with Representatives Satur Ocampo, Teddy Casiño and Rodolfo Plaza. Zamora has said that without a regulatory body, the law is bound to fail.

"How do we ensure that branded medicines will be made cheaper? Take a look at the law six months from now. In the end I will be proven right," Zamora said.

Plaza said: "Why was the (provision on) the price regulatory board deleted? It would be unfair to the President to handle matters like this. They are just exposing the President to undue pressure. We have to protect the President, that's why we recommended a board."

Critics have been blaming Roxas for the deletion of the provision creating the drug price regulatory board and relegating its powers to the President.

Roxas said creating a price body would result in more red tape and corruption since giant pharmaceutical companies are expected to mount a lobby.

The Health Alliance for Democracy urged Arroyo to exercise political will in the implementation of the cheaper drugs measure.