Aggressive Economic Reforms in the Philippines

[pioneer]

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.