Palace cites economic gains as proof vs divisive politics, destabilization

Malacañang said Tuesday that the rise in peso and stock market gains was an example of the country's economic gains despite the recent political controversies.

Stocks and the peso rose to record levels yesterday as a deluge of US dollars further buoyed the local bourse and underpinned an upbeat outlook for the economy.

The peso soared to a new seven-year high, closing at P44.350 against the US dollar.

Robust stock trading, also triggered by expectations of strong corporate earnings for the third quarter, pushed the composite index up by 2.58 percent to close at 3,873.50.

In reaction to this, Press Secretary Ignacio R. Bunye said in a statement, "Our national economy continues to strengthen with record-high financial gains and a robust, stable peso."

"The people's agenda of jobs, better health and quality education remains on course," Bunye said.

He added, "We thank the business community and all our citizens for uniting with government to insulate these gains against destabilization and divisive politics."