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PIA Press Release
2006/10/04

Palace sees peso strength a trophy of fiscal reform

Manila (4 October) -- As the Philippines peso gains more strength in the currency rating, Malacañang said “the continuous strengthening of the peso is a trophy of the fiscal reform agenda.”

The statement was issued by Press Secretary Ignacio Bunye, reiterating that the Filipino people are reaping the positive results of the aggressive economic reform under the leadership of the Arroyo administration.

In fact, the Palace cited that the World Bank’s $410-million loan is a clear manifestation of confidence in the sustainability of the fiscal programs in the coming years.

Economists believe, meanwhile, that the peso rate will reach the P48 level in the soonest time possible. (PIA—MMIO) [top]

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