Economic officials reassure of continued stability in RP

The country’s top economic officials led by Trade and Industry Secretary Peter B. Favila, Finance Secretary Margarito Teves and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. will reassure US and Filipino-American businessmen in New York next week that the Philippine economic situation remains stable despite the political controversies hounding President Arroyo.

In an interview with The STAR, Favila said the new economic team would seek to reassure US and Fil-Am businessmen that the administration is "pro-actively addressing the needs of the foreign investment community and establishing an adequate environment for business to thrive."

Favila, along with Teves and Tetangco, will conduct an investors’ presentation on the current state of the Philippine economy and the measures that the government is implementing to ensure the continued growth of the business sector.

Favila added that he and Teves would also try to dispel concerns that the economic agenda has been placed on the back burner due to the President’s political woes.

The new economic team, Favila added, would also show to the US and Fil-Am business community that they are a "strong and cohesive team."

Favila and Teves are likewise accompanying President Arroyo to the United Nations General Assembly and to chair the UN Security Council Summit.

The investor community has been bothered by allegations by Arroyo’s former Finance Secretary Cesar V. Purisima that the economi agenda is being sacrificed at the expense of the President’s political survival.

Armed with the recent decision of the Supreme Court that the expanded or reformed value-added tax (RVAT) program is constitutonal, the new economic team also hopes to prove to the foreign investor and business community that the Arroyo government is seriously addressing its financial health.

This would be the first opportunity of the new economic team to present their programs and roadmap for the Philippine economy following a failed Cabinet coup early last month instigated by the now infamous "Hyatt 10" made up of top Cabinet officials.