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PIA Press Release
2009/06/03

Palace assures RP is on economic rebound

by Lyndon Plantilla

Manila (3 June) -- Either good or bad, Malacanang respects opinions of international credit rating organizations, a ranking Palace official said Tuesday.

However, Cabinet Secretary Silvestre Bello III said government managers came up with better forecasts than those credit-rating agencies.

"Our own economic leaders, secretaries Recto, Teves and Favila, are saying that we are expecting a rebound within a certain period," said Bello.

He was reacting to Moody's statement that the Philippines needs a miracle to avert a recession.

On the contrary, Bello said economic managers see a shorter recession taking place.

"Of course, we are concerned with this statement (from Moody's) but we have to rely on the analysis of our economic advisors. But in the end, tayo naman ang tatamaan niyan kung nagkamali tayo sa ating analysis. For as long as our economic advisors are there to analyze the situation and come up with a position, I think it is safe to say that we are in a rebound mode," said Bello. (PIA) [top]

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