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PIA Press Release
2007/04/27

RP economic indicators stable - Palace

Manila (27 April) -- The resignation of National Treasurer Omar Cruz, for personal reasons, caused a slight weakening of the peso in the early part of the trading day but the exchange rate quickly recovered after the clarification of issues later in the day.

Presidential Spokesperson Ignacio Bunye said in a statement that in his two years in the National Treasury, Cruz was credited for restructuring the treasury and borrowing financial operations, active debt and cash management and the development of the domestic bond/debt market that led to the low dollar and peso interest rates, which have saved billions of pesos for the government.

Executive Secretary Eduardo Ermita for his part assured the international community that the economic indicators of the country are stable and the administration is now looking for someone who could stay on and really help out in further improving the country's economic policies. (PIA 10) [top]

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