^

Business

Economic fundamentals sound despite weak peso — RaulCon

- Marianne V. Go -
Industrialist Raul T. Concepcion said yesterday the country’s economic fundamentals remains sound despite the recent weakness of the peso against the dollar which feel to a historic low of 56.22 on Jan. 29 due to political concerns ahead of the May 10 presidential election. Concepcion said the peso-dollar exchange rate does not reflect the true state of the economy.

"The peso’s fall against the US dollar was due to speculation, the attempted coup, election concerns and the continuing political scandals," Concepcion said.

However, in spite of all that has happened, Concepcion said, the economy has still managed to perform as evidenced by a still positive gross domestic product (GDP) growth.

The economy grew by 4.5 percent in 2003 or better than the earlier estimate of 4.2 percent, the low-end of the government’s target growth range for the year.

Concepcion pointed out that foreign investors who read about the current political wrangling would only be convinced to stay away.

As such, Concepcion urged all political candidates to practice the highest degree of statesmanship to keep stability in the country.

"Partisan and personality politics does not inspire our people, and only promotes divisiveness," he warned.

He noted further that "our political system over the last 50 years has not been responsive to our people who have become helpless, desperate and disillusioned by traditional politician or tradpols."

Concepcion also appealed to media to observe sobriety and statesmanship through tempered and balanced reporting.

CONCEPCION

CONCERNS

COUNTRY

DOLLAR

DUE

ECONOMY

INDUSTRIALIST RAUL T

JAN

PESO

POLITICAL

  • Latest
  • Trending
Latest
Latest
abtest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with