CREATE DEFINER=`root`@`localhost` EVENT `update_respect` ON SCHEDULE EVERY 24 HOUR
STARTS '2012-01-01 23:59:00' ON COMPLETION NOT PRESERVE ENABLE DO UPDATE user_stats
SET
DailyRespectPoints = '3',
DailyPetRespectPoints = '3'
Run this as SQL
Should work - haven't tested it though, as I don't use GTE