Business climate not affected: RP<\/p>\n
Oliver Teves, Associated Press, Manila, Philippines<\/p>\n
A key member of President Gloria Macapagal Arroyo's economic
\nmanagement team expressed confidence on Tuesday that the business
\nclimate won't be affected by scandals rocking her administration.<\/p>\n
Finance Secretary Cesar Purisima said investors and traders
\nwill \"see through the noise\" created by allegations that Arroyo's
\nfamily took illegal gambling payoffs and that she rigged last
\nyear's election.<\/p>\n
\"Business is about the economy, less about politics,\" Purisima
\nsaid. \"I think what we need to focus on is on the fundamentals of
\nbusiness in the country.\"<\/p>\n
Philippine shares rebounded on Friday after tumbling more than
\n7 percent earlier last week amid worries about the scandals. The
\nbenchmark 30-company Philippine Stock Exchange Index rose another
\n1 percent on Tuesday to 1955.79 after the market was closed on
\nMonday for a holiday.<\/p>\n
Last week, a witness in a Senate investigation into an illegal
\nnumbers game claimed she personally handed payoffs to Arroyo's
\nson and a brother-in-law. The men, both members of Congress, have
\ndenied the allegation.<\/p>\n
Later, a former deputy of the justice department's
\ninvestigation agency claimed he obtained a tape of a wiretapped
\nconversation between Arroyo and an election official about
\nrigging the May 2004 vote. Officials said the tape was altered.<\/p>\n
The allegations followed the lowest approval ratings for a
\nPhilippine president since late dictator Ferdinand Marcos and
\nfresh rumors of a coup plot.<\/p>\n
Purisima, spokesman for Arroyo's economic team, told the
\nForeign Correspondents Association of the Philippines that last
\nweek's drop in the value of the peso was only a reflection of the
\ncountry's floating rate policy and that he was confident the
\nmarket \"is smart enough to look at the fundamentals.\"<\/p>\n
He cited the rise in the Philippines' gross international
\nreserves beyond the US$17 billion mark for the first time in two
\nyears, growth in exports, increased investment in the service
\nindustry, expansion of tourism, a declining deficit, and the
\ntarget of balancing the budget before 2010, when Arroyo's term
\nends.<\/p>\n
Purisima also said he plans to update investors on fiscal and
\neconomic developments during an upcoming roadshow in Europe and
\nthe United States.<\/p>\n
\"We are going to show them a balanced picture. My goal is to
\nallow them to see through the noise,\" he said. \"The way I view
\nthe ongoing political discussions is that it just is a very good
\nevidence of a vibrant democracy in the Philippines.\"<\/p>",
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