Arroyo says govt to avert economic fallout

President Arroyo on Monday said the government will work to avert the adverse economic fallout due to her state of national emergency declaration on Friday. The President said the stock market and the peso strengthened due to the resolution of Sunday’s standoff at the Philippine Marine headquarters in Fort Bonifacio. “Ang tanging makabuluhang tagumpay ay ang tagumpay laban sa kahirapan. We can only claim credit once we get a credit upgrade," the Presiden said. She said her administration will work “triple time" to ensure an economic momentum and to avert a fallout similar to what happened after the December 1989 coup. She said P120 billion in business activity and P12 billion in government revenues are in peril, “a steep price for political mischief." She said the only way to regain lost growth is to raise more infrastructure, invest in education and intensify tax collection. “All this we will not allow to be disrupted by destabilizers," she said. - GMANews.TV