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.