Press Release
March 8, 2006


Senator Mar Roxas, chairman of the Senate committee on economic affairs, favorably noted the report of the International Monetary Fund and Fitch Ratings credit agency for government to maintain its focus on economic and fiscal reforms rather than on political events such as Charter change.

In its report, the IMF said, A risk to the near term outlook for the Philippine economy is that political events, such as possible constitutional change, serve to sideline economic reforms. If reforms were to stall, investment is likely to remain subdued, and GDP (gross domestic product) growth will likely remain below 5% in 2006. (IMF Country Report N. 06/92, source:

It also stated: Impeachment charges were dismissed by Congress in September, and political uncertainties have since receded. However, political events such as possible constitutional change are likely to absorb the attention of legislators during 2006. With vulnerabilities still high and the investment climate still weak, the remaining reforms should be pursued vigorously and without delay. (IMF Country Report No. 06/92 source:

The senator said he agrees with the observation raised by various sectors that charter change is untimely and would only distract the government from carrying out the peoples agenda.

Let us focus our attention on the urgent needs of the people: job creation and livelihood, quality education, wider access to public health care facilities, cheaper medicines and affordable food and basic commodities, Roxas stressed.

On February 13, 2006, Fitch Ratings also cited constitutional change as a factor that could affect RPs creditworthiness. Political developments could still affect creditworthiness, as furtive negotiations on constitutional reform displace other legislative initiatives, and political maneuvering continues in a struggle for power.

News Latest News Feed