Global factors pushing down
peso ‘transient’
By Mia M. Gonzalez
Reporter

PRESIDENT Arroyo on Thursday expressed confidence that the peso and the economy, in general, will remain resilient throughout the “transient” developments in the world economy which have pushed the national currency closer to the P53 level against the US dollar.
       The President made the statement at the 6th Luzon Island Congress of the Philippines Councilors League held in Subic Freeport, where she cited foreign investments streaming into the country and the financial capability of the government to release funds for its various socioeconomic programs, including agricultural development efforts in Luzon.
       “Our economic fundamentals are steady and strong. We have seen that the peso has weakened lately. That recent setback of the peso is the result of transient developments in the economy that pose no direct long-term threat to our own economy. It is coming from temporary events in the world economy,” she said.
       The peso fell to a four-month low of P52.85 to $1 on Wednesday, reflecting the general decline in regional currencies. But Mrs. Arroyo expects this downtrend to be temporary, saying, “We expect the peso to maintain its trend and resiliency through time as the global financial markets settle down.”
       PRESIDENT Arroyo on Thursday expressed confidence that the peso and the economy, in general, will remain resilient throughout the “transient” developments in the world economy which have pushed the national currency closer to the P53 level against the US dollar.
       The President made the statement at the 6th Luzon Island Congress of the Philippines Councilors League held in Subic Freeport, where she cited foreign investments streaming into the country and the financial capability of the government to release funds for its various socioeconomic programs, including agricultural development efforts in Luzon.
       “Our economic fundamentals are steady and strong. We have seen that the peso has weakened lately. That recent setback of the peso is the result of transient developments in the economy that pose no direct long-term threat to our own economy. It is coming from temporary events in the world economy,” she said.
       The peso fell to a four-month low of P52.85 to $1 on Wednesday, reflecting the general decline in regional currencies. But Mrs. Arroyo expects this downtrend to be temporary, saying, “We expect the peso to maintain its trend and resiliency through time as the global financial markets settle down.”