Focus on the Global South - Philippines Programme

By Neil V. Mugas, Reporter, Sunday Times, January 4, 2004

Filipino businessmen may choose President Arroyo over the other presidential candidates not because of confidence in her government but because they don He noted that businessmen are aware that no one among the present crop of presidential candidates offers a formula to solve the long-time structural depression, which hampers economic development.

No one among the candidates seem to be focused on programs and everybody is preoccupied with political propaganda, Bello added.

If the choice is narrowed down to Mrs. Arroyo and the actor Fernando Poe Jr., who is widely popular among the masses, businessmen may back the President, fearing a severe economic downturn should Poe win, Bello said.

He also sees the peso taking a heavy beating in the foreign-exchange market if the presidential election develops into a close match.

He warned that electoral fraud could trigger deep tension and instability. If the tension mounts, the peso could depreciate P60 to the dollar.