President Gloria Macapagal-Arroyo said new mining investments and the country’s strong macro fundamentals have combined to bring about the current strong rebound of the stock market and the sustained appreciation of the peso.

"So far the macros are good," she said. "The country’s macroeconomic fundamentals continue to post strong growth as official figures for the year trickle in from various sources."

The Chief Executive said investments in mining are pouring in following the Supreme Court’s decision dismissing with finality the constitutional questions raised against the provision of the Mining Act that allows 100 percent foreign ownership of mining exploration projects.

The peso continues to gain ground against the US currency as it appreciated at an average of P55.670 to a dollar at the close of trading last Thursday.

The peso is now recovering with the 20 percent increase in exports as of November last year, the President said.

Along with the recovery of the peso, the past few weeks saw the benchmark Philippine Stock Exchange index posting record highs in both volume and value -- an indication of positive corporate outlook.

"Our stock market is one of the best performers in Asia in 2004 and we expect another year of double-digit growth in 2005," the President added.

She said the country has already sent signals to the investors community that the Philippines "has turned the corner and is a place to invest."

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Philippine exports in 2004 are expected to register a double-digit growth as earlier forecast by the National Economic and Development Authority (NEDA).

NEDA had expressed confidence that the country’s double-digit export growth target would be met when the January-November export revenues soared 9.9 percent to $36.3 billion.

The government and the private sector now agree that year-on-year export growth for 2004 would hit 10 percent.

According to Socioeconomic Planning Secretary Romulo L. Neri Philippine exports last November rose 19.5 percent, the highest since August 2002.

He attributed the strong performance mainly to surges in exports of manufactured items, electronics products, garments, and machinery and transport equipment.

He said that the electronics sector benefited from the strong demand for mobile phones and computers that, in turn, boosted Philippine exports of disk drives and semiconductors.

While admitting that export proceeds from garments were still 2.4 percent lower during the 11-month period last year compared to the same period in 2003, Neri said garments also performed strongly owing to the increase in demand from European countries.

Sergio R. Ortiz, Jr. president of the Philippine Exporters Confederation (Philexport), said that "despite public skepticism we can hit our target, we refused to give up. And we have been proven right."

If last December’s exports hit $3 billion as projected, the industry’s export earnings shall have surpassed $38 billion, the highest annual revenue since 2000.

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President Gloria Macapagal-Arroyo today led the Eucharistic celebration in commemoration of the Edsa II People Power which toppled the Estrada administration in Jan. 2001.

Held at Malacaņang’s ceremonial hall, the holy mass was officiated by Rev. Fr. Rico Nobleza of the San Antonio de Padua parish church of Paranaque City.

First Gentleman Atty. Jose Miguel Arroyo, members of the Cabinet and other ranking government officials were among those who attended the 10 a.m. mass.

In an ambush interview, Executive Secretary Eduardo Ermita and Social Welfare and Development Secretary Corazon Juliano-Soliman underscored the need for unity if the Philippines is to move forward and join the circle of progressive nations.

The two officials said Filipinos must come and work together to enable the country to overcome its multifarious problems such as widespread poverty and peace and order.

Ermita said the President has set firm guidelines to generate employment, put the fiscal house in order and attain national progress under her 10-poin t legacy agenda.

"What I can say now is, we have a road map to follow. But we have to work hard together. If we are united as a people, there is no reason why we cannot attain national progress," Ermita said.

He said that EDSA II paved the way for peaceful and honest elections in May 2004, the strong relations between the Philippines and the Organization of Islamic Conference (OIC), and the unwavering support of the Muslim countries, like Malaysia and Libya, for the ongoing peace process with the Moro Islamic Liberation Front (MILF).

"These are some of the positive developments in the wake of Edsa II that will enhance political stability, security, peace and progress in our country," Ermita said.

Soliman also stressed the need for Filipinos to unite and face as one people the various challenges confronting the country.

She said the government is delivering frontline services to the victims of the recent calamities such as shelter and livelihood projects and other assistance programs.

Aside from Ermita and Soliman, the Cabinet officials present during the mass were Press Secretary and Presidential Spokesman Ignacio R. Bunye, Justice Secretary Raul Gonzales, Interior and Local Government Secretary Angelo Reyes and Secretary Ed Pamintuan of the Office of the External Affairs.

Also present were former DILG secretary and now Manila Hotel president Jose D. Lina, Jr., and former Press Secretary Milton Alingod.

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