"Economic signals remain mixed," Roxas warned, adding that it "underscores our need to continue our reform effort, passing the needed legislation, lowering the cost of doing business and making ourselves competitive."
Most economic analysts are saying that the country’s economic rebound is closely tied to the recovery of the US economy. The Bush administration is readying an economic stimulus package for the US.
"If an economic rebound does occur. Good for us, because we did all of these," Roxas said.
"On the other hand, if it (economic rebound) doesn’t happen, it is also good for us, because we have already prepared (for it)," he added.
If the US economy turns around, the local economy will also be positively affected because the US is the country’s major export market for locally-made goods such as electronics and garments.
The Japanese economy will also play a significant role in helping the local economy recover from the global economic slump as it also imports a significant volume of electronics, garments and other agricultural products such as fruits and fish.