RP leader warns speculators

RP leader warns speculators

SINGAPORE (AFP): Philippine President Gloria Arroyo on Friday
warned currency speculators they will be charged with the crime
of economic sabotage.

Arroyo, on the first day of a three-day visit to Singapore,
said central bank intervention was not a policy of her
government, which prefers to leave foreign exchange rates to the
market forces.

"But if there is another spate of speculation similar to what
we had a few weeks ago, then we will again do a crackdown," she
said in an interview with selected journalists.

While penalties were light the first time, "this time it will
be for economic sabotage," she said.

"But that is an extreme measure of course and we do not want
to use it unless we have to," she said.