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UPBEAT ECONOMY SEEN AS A VOTE OF CONFIDENCE IN ARROYO.
MANILA, March 1 Asia Pulse - The rebound of the peso and stock markets, and the unchanged stable ratings on the country's sovereign debt, is a vote of confidence by investors and rating agencies for Philippine President Arroyo's leadership, particularly her issuance of Presidential Proclamation 1017.
The President issued PP 1017 placing the country under a state of emergency to preempt a coup plot by leftist and rightist elements.
House Committee on Ways and Means Chair Rep. Jesli Lapus (Tarlac) and Paranaque Rep. Eduardo Zialcita expressed gratification over the peso's quick recovery to P51.96 to US$1 on Tuesday and the composite index's gain on Tuesday of 33.60 points to 2,122.96, up 1.61 per cent.
They also lauded the decision of Fitch Ratings and Standard and Poors to retain the stable assessment of the country's sovereign debt ratings.
Both said the rebound of the financial markets will continue.
Lapus said the positive economic and financial developments showed that investors and analysts recognize the President's political will to save the country from further turmoil.
"They are not apprehensive but rather they approved of the President's declaration of a state of emergency knowing the need to implement some decisive measures," he said.
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Source: HighBeam Research, UPBEAT ECONOMY SEEN AS A VOTE OF CONFIDENCE IN ARROYO.