Strong economy to continue if Philippines moves as one

Jun. 05, 2007

MANILA — Malacanang said today that the strong surge of the peso and the stock market will continue as long as the nation moves as one.

Press Secretary and Presidential Spokesman Ignacio R. Bunye said that the seven-year high registered by the peso yesterday and the soaring stock market index augur well for the economy.

“Our stock market is a reflection of our current state of affairs: optimistic, forward-looking and constructive,” he said in a statement.

Bunyes remarks came on the heels of the high growth numbers that drove the peso past the 46 level against the dollar yesterday, its strongest in seven years or since Sept. 15, 2000.

Stocks likewise soared on the back of Wall Streets gains Friday and surging Asian markets even as fund managers moved away from China and continued to pour into the local market.

“We are in a good place, and things will continue to look up as we move as one nation, undivided in our love for country,” Bunye noted.

He pointed out that the strong performance of the peso and the stock market was driven by the countrys strong economic fundamentals following the implementation of tough economic reforms by President Gloria Macapagal-Arroyo.

Since January, this year, the Philippine Stock Exchange outperformed other Asian stock markets while the remittances of overseas Filipino workers (OFWs) played a key role in the pesos appreciation. (OPS) (

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