Top Filipino Banker Issues Upbeat Report

From Reuters

Chances for economic recovery in the Philippines have brightened since the ouster of Ferdinand E. Marcos and signs of improvement are visible, the central bank governor, Jose Fernandez, said today.

Fernandez sounded upbeat in a report to President Corazon Aquino, saying the view ahead was brighter now than it was a few months ago.

The economy, saddled with a $26-billion foreign debt incurred by the Marcos government, has shown signs of improvement barely a month after Aquino came to power, he said.

Fernandez said international reserves have built up rapidly, the peso has stabilized against the dollar and the inflation rate has dropped.

The report said inflation averaged 3.7% in the first three months of this year, lower than the 7.7% in the previous quarter and 42.4% a year ago.

International reserves stood at $1.26 billion at the end of March, contrasted with $1.06 billion at the end of 1985, the report said.

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