|
Monday, October 06, 2003
Upswing in economy seen with Glo turnaround
MANILA -- President Arroyo's announcement that she would seek a second term drew flak Sunday, with politicians accusing her of insincerity and political stunts.
But businessmen expected the financial markets to pick up on a knee-jerk reaction to Saturday's announcement, even as they said it remained to be seen if Arroyo could perform well if given a fresh six-year mandate.
A church official in Cebu also didn't find anything wrong with Arroyo's decision to run, as long as her intention is to solve the country's problems and not to advance her personal and political ambitions.
Episcopal Vicar Msgr. Esteban Binghay expressed hopes that Arroyo is sincere in her intention to help improve the life of Filipinos by seeking the highest government position in the country.
"Personally, I think it is alright to change one's mind provided that it is for a 'better good'. I think she would be one of the better candidates because she already knows the problems of the country," Binghay said in an interview.
When Arroyo said last December she would not seek a new term, and instead devote her remaining months in office to improving the economy and bringing stability to the volatile Philippines, many did not believe her.
Presidential spokesman Ignacio Bunye, though, said it had been expected that Arroyo would be criticized for announcing she would run in the May 2004 polls, but stressed this would not distract her.
"She is prepared to take criticism against her because of her decision, but she believes that the welfare of the country is of higher interest," Bunye said over DZBB radio.
Bill Luz, who heads the respected Makati Business Club group of the country's top corporations, said the stock and money markets were expected to perform well following Arroyo's announcement.
"But in the long term, you have to look at the direct investments as the best sign of confidence," Luz said, adding businessmen "respected" her decision.
"It's her prerogative, it's allowed by the constitution, but at the end of the day, the people will be the ones to make their choice. She's standing for elections, she's not automatically extending her term."
If Arroyo wins, businessmen would expect "regular, consistent performance" from her, he said.
"I think if she can do that, it would be positive outcome," Luz said.
Employers' Confederation of the Philippines president Donald Dee said the move could stabilize financial markets.
"This is already expected. She just made it official. We welcome the announcement," he said.
Binghay said Arroyo may have changed her mind because of the urgent need for somebody to solve the country's problems, "which she thinks she is ready for and she is capable of doing."
"It is no longer a question of losing her credibility after she changed her mind since there is that need for someone to face and solve the problems of the country. But if she did not recognize that need and it's all personal and political ambitions, that's another thing," Binghay said.
But Arroyo's turnaround drew criticism mostly from her political opponents.
"We already knew she was running. She was just masquerading all along, a charade. She has been playing with the Filipino people," said opposition Sen. Edgardo Angara said.
He said an opposition coalition formed over the weekend was expected to announce an "unbeatable" challenger to Arroyo in a month's time.
Among those on the short-list are business tycoon Eduardo Cojuangco and Sen. Panfilo Lacson, a former police chief whose allegations of corruption against Arroyo's family have pulled down her popularity ratings.
Newspapers all over the country bannered Arroyo's announcement,
While the Philippine Daily Inquirer, a national daily, carryied the simple headline: "I'm running," the tabloid Abante cried "Liar, Liar"--a reference to Arroyo's promise last year not seek a new term.
The Philippine Star, in its editorial, agreed the announcement would lead to a measure of stability for the markets.
But it added, "the political brawl that will inevitably erupt as a result of yesterday's announcement should not be allowed to become so downright dirty it would bury the nation in mud."
In perhaps an indication of the mud-slinging to come, former senator and education secretary Raul Roco, who has also announced plans to contest the polls, questioned Arroyo's use of public funds to kick-start what he called a virtual campaign launched when she announced her decision to stand.
"Public funds are used only for public purposes. The president is not allowed to use public funds in a campaign," Roco said.
It had been widely believed Arroyo would announce her change of heart at her Lakas Party's conference next week. The recent defections of political allies are believed to have pushed her to move earlier than planned.
The announcement also appeared timed to gain political leverage from a scheduled Oct. 18 visit by US President George W. Bush, on whose global "war on terrorism" Arroyo has staked her reputation. AFP/LCR
(October 6, 2003 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
|
|
|
 |
| click
to comment on this article or discuss it with other readers |
[return to top]
[home]
|
|
