MANILA — President Gloria Macapagal-Arroyo said today that after the “vigorous elections” a week ago, its time that all political parties and leaders come together in a common pursuit of the peoples welfare and national well-being.
In a brief statement after she rang the bell to signal the start of the days trading at the Philippine Stock Exchange (PSE) in Makati City this morning, the President said: “Philippine democracy has been renewed after a vigorous elections. Even as the results of the national elections have yet to be canvassed, the outcome of the local elections pushes our collective resolve to push forward a modern, booming society through pro-growth, pro-poor and pro-modern policies.”
“Now its time to come together to pursue a common path forward among all political parties and leaders,” the President added, as she noted the easing of the election fever.
She pointed out that the collective resolve of her administration to achieve a First World status in the next two decades through pro-growth, pro-poor and pro-modern policies could propel further the impressive advances achieved by the Philippine stock market in recent months.
With the impressive performance of the stock market in the run-up to and after the May 14 elections, the PSE can expect “more run of the bulls to more unheard, new highs,” the President said.
She said that she visited the PSE “not to launch any IPO (initial public offering)” but to “congratulate the PSE for the all-time high index.”
The Chief Executive also paid tribute to the Filipino people for their “sacrifices in reducing the budget deficit” and thereby setting the stage for a conducive and attractive stock market.
“Mga kababayan, ipagdiwang natin ang pag-akyat ng stock market (My countrymen, let us celebrate the bullish stock market),” she said.
The President also thanked the investment community “for acknowledging the nations hard-won advances in fiscal consolidation, economic growth and political stability.”
The business sentiment has been uniformly bullish as the economy continues to reach new peaks and the peso continues to strengthen against the US dollar.
The market hit all-time highs in recent sessions. On Monday, the 30-company composite index closed 17.16 points or 0.5 percent, closing higher at 3466.34, topping Fridays all-time closing high of 3,449.18.
The key index has gained 3.7 percent in the past six sessions and market analysts are optimistic that it will reach new highs in the coming weeks given the bullish outlook of the economy.
In welcoming the President, PSE chairman retired Justice Jose Vitug credited her programs to narrow the budget deficit and lower interest rates for fueling the surge in the stock exchange.
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2007 Elections
