PRESS STATEMENT

Philippine Business Community still Bullish about Economy

15 December 1989  -- The members of the Philippine business community represented by the Makati Business Club (MBC), Management Association of the Philippines (MAP), Financial Executives Institute of the Philippines (Finex), Philippine Chamber of Commerce and Industry (PCCI), and the Bankers Association of the Philippines (BAP) remain confident about long-term prospects of the Philippine economy in spite of the disruption and damage caused by the recent coup attempt carried out be misguided elements of the armed forces.

We believe the fundamental strengths of the Philippine economy have not been altered by the coup attempt. On the contrary, the resolve of the Filipino people for democratic freedom has been reinforced by recent events. This, coupled with government reforms that must immediately be put in place and the support of business, is an assurance of the continuance of the economic growth of the last three years.

Philippine business is committed to preserving democracy and providing employment to people in free markets.

We believe that democracy is best protected through the creation of secure jobs at fair wages rather than through violence and armed rebellion. We condemn any attempts by select groups to assume authority through extra-constitutional means.

Note: Sent copies to Manila Standard, Chronicle, Bulletin, Globe, Inquirer, Star, Philippine Information Agency, Businessworld, Malaya, Manila Times, and Manila Journal.