Monday, September 29, 2008 RP should look at other markets: official
A PALACE official said the Philippines must strengthen its economy including trading with other foreign markets especially those in the Asian regions following the continued uncertainty hounding the US economy.
Press Secretary Jesus Dureza over a radio interview said that by doing this, the Philippines would continue to be prepared and fare well regardless of the outcome in the US government's bailout plans.
"It is very important that we in the Philippines should brace ourselves. Somehow, we are ready to stay the course to continue with our economic reform agenda as already started by the President. We may get the backlash but it may not be as bad," he said.
He added that while certain reforms and measures had already been put in place by the Arroyo government, whatever happens in the US is expected to have a long-term effect not just in the Philippine market but the rest of the world.
"US is biggest marker of our product. If they experience depression, then they will not be buying and we have to look for other markets. So we have to strengthen our external markets now, we have to look at the Asian and other markets to strengthen our future," said Dureza who is still in New York.
Dureza was left behind after he was confined at the Presbyterian Hospital for food poisoning. He is expected to be discharged Monday (in Manila) and proceed to the airport to immediately return to Manila.
Arroyo, while in New York, had been briefed by Citibank chairman and Chief Executive Officer Bill Rhodes on the developments in the US financial situation.
Dureza said the meeting helped provide Arroyo some "inside information at a very close analysis of what is happening and on a long term, what may happen."
The US government agreed on a $700 billion accord where Treasury Department would use the amount in buying out deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. (JMR/Sunnex)
