Fidel Ramos' health worries Philippines

Fidel Ramos' health worries Philippines

By Raju Gopalakrishnan

MANILA (Reuter): President Fidel Ramos' brief stay in hospital has set off worries in the Philippines but financial markets have remained calm because of his subsequent flurry of public appearances, analysts said on Thursday.

Ramos, a youthful 68-year-old who jogs, plays golf and is known to enjoy a twirl on the dance floor, complained of pains in his joints last week and was admitted to hospital for the weekend.

Doctors said he was suffering from a throat infection and although he was in good shape for his age, the president needed to cut down on his workload.

News of his illness broke last Friday evening but by the time financial markets reopened on Monday, Ramos was back at work. The peso remained stable and brokers said his illness had little effect on the stock market.

"He came right out of hospital and he's still viewed as healthy and young for his years," said Mike Johnson, an analyst with the All Asia Capital and Trust Corp. brokerage.

"Ramos has maintained his image," he said, referring to reports that the president attended a party in hospital during his stay and danced the cha cha with nurses.

Ramos also held a televised news conference in hospital to demonstrate he was not seriously ill and attended several public functions over the next few days.

The foreign exchange market was also unaffected.

"Offshores hardly took any notice and inflows of investment continued," said Jimmy Panganiban, treasury head at Bank of America in Manila.

"If it had been a heart attack, it would be different, but it was just a viral (infection)," he added.

Still, the illness has created some disquiet.

Some newspapers said he suffered a mild stroke, and although both Ramos and his doctors have dismissed the reports, the worries have persisted.

"The anxieties cannot be erased by putting up the false front that the president has recovered swiftly and is prepared to take on the punishing work pace he has inflicted on himself," political analyst Amando Doronila wrote in a regular newspaper column.

"The issue of succession should be considered more seriously than in the past and the president (should) take doctors' advice to slow down seriously," he added.

The Philippine Star newspaper questioned the president's early return to his punishing work schedule.

"That was a haggard-looking president on Monday," the newspaper said in an editorial. "He still looks like a man who needs rest."

But Ramos looked fully recovered at his weekly press conference on Wednesday and dismissed suggestions he slow down.

Analysts also said the health issue was dwarfed by the ongoing debate over whether the country's constitution should be amended to allow Ramos to stand for office again when his current term expires in 1998.

Philippine laws restrict the president to a single six-year term but a citizens group has campaigned for an amendment, saying that economic reforms brought in by Ramos would be affected if he left office.

Ramos has said he does not wish to stay in office, but All Asia's Johnson said the possibility was sustaining the stock market.

"It's dangerous because it is unlikely to happen and I think the market is going to be disappointed," he said.