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PIA Press Release
2006/10/05

NVizcaya mayor optimistic on country's economy

BAMBANG, Nueva Vizcaya (5 October) -- With the continuing stabilization of the country's economy, mayor Pepito Balgos here expressed positive outlook, saying the reverberating effects will soon be felt by Filipinos in the countryside.

"The recent positive status of our economy is a welcome development considering its impact on Filipinos from all walks of life. We hope this will be a continuing situation," he told PIA.

Balgos was reacting on the latest surging of Peso for breaching the P50.00 mark with P49.95 to the dollar despite the wrath of typhoon 'Milenyo' last week. The current breach is the first time in four years.

He said the continued rising of the Peso was due to the overwhelming support to the present administration and the enterprising spirit of Filipinos.

Balgos also cited the recognition by the US-based investment bank Merrill Lynch of the Philippines ' fiscal and economic progress as a success story for this year since it highlights the government's efforts in pushing for economic reforms towards global confidence, backed by growing political stability.

The mayor also cited the continuing rollback of fuel prices which served as the primary basis of local officials here in rejecting the P1.00 fare increase proposed by more than 3,000 tricycle drivers in town.

He said the fuel rollback also convinced the riding public to ask for a P1.00 fare rollback among tricycle drivers.

Earlier this week, the municipal board on decided for the status quo of tricycle fare at P8.00 despite the pressure of tricycle drivers.

"Had it not for the rollback of fuel in the international market, the situation would have been critical because both sectors wanted to hold their protest actions," the mayor said. (PIA NVizcaya) [top]

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