Malaya’s editorial today says:
The local markets are in turmoil as the US financial crisis spreads. Investors, lenders and borrowers need information. They are desperately seeking assurance from anybody in government credible enough to be believable.
What they are getting instead is more of the pabulum that Gloria Arroyo dished out to businessmen during the economic briefing she and her Cabinet conducted before she went to the United States purportedly to gather a deeper insight into the crisis and, consequently, come up with measures that would minimize damage to the local economy.
Here’s Gloria’s take direct from Samar: To insulate the Philippines from the effects of the US crisis, the government will focus on easing inflationary pressures, providing safety nets, creating jobs, generating revenues and strengthening the banking system.