This story shows how desperate Gloria Arroyo and her drumbeaters are.
On Jan. 2, Press Secretary Jesus Dureza issued this statement:
“It’s encouraging to note that we have been cited in Bloomberg today, as one of the resilient economies in Asia, along with China. Amidst global financial downturn, we continue to post strong currency and fiscal position. Undeniably, this is the result of the economic reforms instituted by the President early on.
While difficult days are expected ahead, we are in a better position to weather them as long as we keep the course and resist the temptation of divisive politics.
The Philippines and China were being cited as the two Asian economies that fared the best in 2008 and that will do well in 2009.
The following story by TJ Burgonio and Maxim Lucas is in the Inquirer today: