Hopes, fears about Cabinet

Hopes, fears about Cabinet

JAKARTA (JP): The new cabinet is Megawati's personal cabinet. While she sought for advice from all her advisors, including her party's board, her husband, and others, such as senior politician Frans Seda and her assistant Bambang Kesowo, she was the one that decided on the structure and personnel. She received some names from the political parties, but made her own choice from the list.

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Arroyo's strong warning to protect peso

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MANILA: President Gloria Macapagal-Arroyo has announced that the Philippine government would not rule out the imposition of currency controls to defend the peso from speculative attacks. She issued the statement at the end of her visit to Malaysia, a country that successfully defended its currency, the ringgit, through temporary capital controls at the height of speculative attacks on Asian currencies, including the peso, by predatory portfolio fund managers.