RP economy on the mend: Govt<\/p>\n
MANILA: The Philippine economy is on its way to recovery as
\nthe political crisis swirling around President Gloria Arroyo is
\nbottoming out, her spokesman Ignacio Bunye said on Friday.<\/p>\n
"There is no way (to go) but up. Political uncertainties have
\nstarted to bottom out," Bunye said, expressing "no doubt" that
\nthe Philippines would post the 5.3 percent economic growth
\ntargeted for this year.<\/p>\n
He was referring to the five-month old campaign by the
\npolitical opposition to oust Arroyo on charges that she cheated
\nto win the May, 2004, elections.<\/p>\n
Arroyo's allies in Congress have quashed an impeachment
\ncomplaint against her over the cheating charges and the president
\nhas stood firm in refusing to step down despite almost daily
\nstreet protests.<\/p>\n
Bunye said that despite the political squabbles, which have
\nseen top economic cabinet members resign and turn against Arroyo,
\nManila has remained focused on "our goal of more investments,
\nmore jobs and more livelihood opportunities."<\/p>\n
He cited the strong recovery of the Philippine peso and stock
\nmarket this week after the government implemented a long-delayed
\nvalue-added tax (VAT) intended to address chronic budget deficit
\nproblems. -- AFP<\/p>",
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