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Economy still fragile, says BSP chief.
(From Philippine Daily Inquirer)
THE PESO and local stocks may have strengthened and soared to new highs last week, but Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said the Arroyo administration still had a lot of work to do to place the country's economy in good shape.
"We should not rest on what we have accomplished so far because we still have a long way to go. The government needs to walk the talk," Buenaventura said in a press briefing after being conferred the Management Man of the Year award yesterday by the Management Association of the Philippines.
Buenaventura said he was referring to the need to strongly pursue the government's yet-to-be-achieved goals of putting its fiscal house in order, injecting health to the country's ailing power sector, and developing the local capital market.
Last Friday, the peso rallied to a high of 55.03 to a dollar before closing at its 14-month high of 55.09, prompting Malaca[currency]ang to say the country was now gaining strong investor confidence. Buenaventura said the news was worth rejoicing, but the government was still far from achieving a sufficiently strong economy.
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