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PIA Press Release
2006/10/04

Strong peso, investor confidence, credit ratings upgrade: Results of aggressive economic programs - Palace

Quezon City (4 October) -- Malacañang said today the aggressive economic reforms initiated by President Gloria Macapagal-Arroyo have undoubtedly resulted in the international financial community’s renewed confidence on the country, upgrading by credit-rating firms on the economic outlook and continued appreciation of the peso.

"The continuous strengthening of the peso is a trophy of our fiscal reform agenda; and the World Bank’s $410-million loan is a clear manifestation of confidence in the sustainability of our fiscal programs in the coming years," Press Secretary and Presidential Spokesperson Ignacio Bunye said in a statement. (PIA) [top]

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