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Palace upbeat on peso forecast


President Gloria Arroyo on Wednesday said she was happy about the rosy forecast of Goldman Sachs Inc. for the peso despite reports of fresh efforts to grab power from the administration. Press Secretary Ignacio Bunye said in a statement the “bullish forecast by a respected global firm shows confidence in our political stability and strong economy." Goldman Sachs Group Inc., one of the world’s biggest investment, banking and securities firms, said the peso could strengthen to 48 to a dollar in 12 months. Goldman raised its forecast for the peso based on expectations of diminished threats to the Arroyo leadership and economic expansion in the country. - GMANews.TV

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