MANILA — Malacañang said last Oct. 4 that the new record high set by the Philippine Stock Exchange index (PSEi) was due to the continued investor confidence in the economy’s growth under the administration of President Aquino.
“The stock market’s recent record again reflects the continuing investor confidence in the economy,” Presidential Spokesperson Edwin Lacierda said in a press briefing in Malaca-ñang.[box type=”default” size=”large”] In Washington D.C., Purisima’s report on economy impresses officials [/box]He expressed confidence that the economy would further boom until the end of the year as “we expect greater infrastructure spending towards the end of the year.”
“And also our tourism, BPO (business process outsourcing) and growth sectors continue to improve,” Lacierda said.
The PSEi closed at a new record high last October at 5,375.52, up 26.84 points, surpassing the July 5 record of 5,369.98.
To date, the PSEi has breached new record highs 22 times.
Meanwhile, in Washington D.C., Finance Secretary Cesar V. Purisima reported on the performance of the Philippine economy at a conference held here early last week.
After the presentation of Purisima’s report, the predominantly American audience was convinced that the “sick man of Asia” is finally on the road to recovery, the Philippine Embassy said.
In a statement, Philippine Ambassador to the US Jose L. Cuisia, Jr. said the presentation of Secretary Purisima at the recent Philippine conference on the positive macroeconomic developments in the home country resulting from the Aquino government’s mantra that “Good Governance is Good Economics” impressed the audience.
“Secretary Purisima did a very excellent job in painting a bright future for the Philippine economy and those who heard him —from officials of the United States government, representatives of think-tanks, executives from big business and members of the media and the academe, both Filipino and American — all agree that the Philippines has taken off,” Cuisia said.
In his remarks at the conference sponsored by the Center for Strategic and International Studies and the US Philippines Society and held at the Capitol Hilton here, Secretary Purisima said President Aquino’s high approval and trust ratings of 78 percent has given his administration more political capital to pursue structural changes to transform the country.