Use economic indicators as Christmas decor, GMA says

Filipinos have plenty to be thankful for this coming holiday season, and the country’s good economic indicators should be put up in lights for all to see, President Arroyo said.

"Thanks so much to God, I think we can say we have good indicators… We really should use Christmas as an opportunity to be thankful," the President said in a roundtable discussion with her officials on Monday, shortly after her arrival from Busan, South Korea where she attended the Asia Pacific Economic Cooperation (APEC) leaders’ summit last week.

"I remember at the Central Bank before — was it around 1996? We also had good economic indicators (and) they used that in graphs as Christmas decorations," Mrs. Arroyo said.

Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. said the electric-light graphs that were used as Christmas decorations at the time included international reserves, interest rates, balance of payment figures and other positive indicators.

"All the economic indicators then were up so it was good to be used as Christmas decorations," Tetangco said.

The President said the same thing should be done now to show the people and the world that the Philippines has good economic indicators.

The President said in Hong Kong, where she spent the weekend meeting with businessmen and OFWs and visiting the Disneyland theme park with her family, she noticed the beautiful Christmas decorations that the Philippines should follow.

Mrs. Arroyo reiterated that, despite the political crisis being fanned by her critics and detractors, the economy remains afloat and the country is stable. She is being accused of cheating in last year’s elections as well as corruption involving her and her family.

The President expressed thanks and happiness that no bird flu had yet been reported in the country, savings from debt servicing was up to P40 billion from P37 billion, and that seasonal remittances from overseas Filipino workers had boosted the peso.

Mrs. Arroyo said there was an increase in investments and that the stock market was at a robust eight-month high.

The President thanked her economic team for working to improve the economy.

Before her departure to Busan last Thursday, Finance Secretary Margarito Teves reported to the President that aside from the P37 billion in savings, the government incurred a deficit of P7.1 billion in October, lower by P3.1 billion than projected for the month.