RP economy on the mend: Govt

RP economy on the mend: Govt

MANILA: The Philippine economy is on its way to recovery as
the political crisis swirling around President Gloria Arroyo is
bottoming out, her spokesman Ignacio Bunye said on Friday.

"There is no way (to go) but up. Political uncertainties have
started to bottom out," Bunye said, expressing "no doubt" that
the Philippines would post the 5.3 percent economic growth
targeted for this year.

He was referring to the five-month old campaign by the
political opposition to oust Arroyo on charges that she cheated
to win the May, 2004, elections.

Arroyo's allies in Congress have quashed an impeachment
complaint against her over the cheating charges and the president
has stood firm in refusing to step down despite almost daily
street protests.

Bunye said that despite the political squabbles, which have
seen top economic cabinet members resign and turn against Arroyo,
Manila has remained focused on "our goal of more investments,
more jobs and more livelihood opportunities."

He cited the strong recovery of the Philippine peso and stock
market this week after the government implemented a long-delayed
value-added tax (VAT) intended to address chronic budget deficit
problems. -- AFP