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Crame meeting sparks coup fears.
(From Philippine Daily Inquirer)
Byline: Luige A. del Puerto and Elizabeth L. Sanchez
TOP POLICE GENERALS yesterday pledged to thwart any destabilization plots in an unexpected meeting with President Macapagal-Arroyo, which sparked fresh coup rumors and pushed market shares down.
Facing a renewed challenge to her rule, Ms Arroyo put off the launch of a vital transport project in Metro Manila so she could meet with the leaders of the Philippine National police.
The unannounced meeting at Camp Crame spooked the local stock market, causing shares to fall by 28 points.
Stocks bled for the third day this week as investors dumped their shares, unnerved by the meeting between the President and her PNP allies.
Investors immediately cashed in on their gains just ahead of the weekend due to the destabilization rumor which was aggravated by the emergency meeting of President Macapagal-Arroyo with the PNP, Astro del Castillo, managing director at First Grade Holdings Inc., said.
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