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PIA Press Release
2006/10/03

Arroyo upbeat about economy

Quezon City (3 October) -- THE PESO'S newfound strength, lower oil and liquefied petroleum gas prices, and improved revenue collections are giving President Gloria Macapagal-Arroyo reason to be upbeat about the economic picture, she said.

"Ang lakas-laks ng ating piso ngayon (The peso is very strong today)," Arroyo said in a round table discussion with economic managers and World Bank officials, adding that she monitored it at 10 a.m. to be trading at 49.91 against the US dollar.

Arroyo also announced that LPG prices have gone down anew by two pesos per liter.

She said revenue collecting agencies Bureau of Internal Revenue and the Bureau of Customs will continue to double their efforts to improve on collection.

In a separate statement, Press Secretary Ignacio Bunye said the rise in the value of the peso could be credited to the "overall discipline and spirit of enterprise of the Filipino."

"We are reaping global confidence for the sound stewardship of reforms, tough decisions, and growing political stability," he said.

The peso breached the 50 to the dollar barrier Monday, hitting 49.50 before closing at 50.01 against the dollar.

The peso's closing rate was also its strongest finish since hitting 49.915 on May 30, 2002. (PIA) [top]

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