NEWSFLASH

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ECONOMY REMAINS STRONG -- FVR

Manila, Oct. 21, 1997 - The Philippine economy performed admirably and will continue to be strong, says President Fidel Ramos.

The president cited a report from the National Economic Development Authority (NEDA) which detailed the country's excellent export performance and the narrowing of the trade balance deficit for August. This, he said, indicate that despite the peso depreciation, the economy is basically strong and the policies put in place by the government are sound.

In his report to the president, Economic Planning Secretary Cielito Habito said export revenues for August increased by 27.3 percent to $2.2 billion from last year's $1.7 billion.

Meanwhile, the trade balance deficit went down to $7.7 billion from January to August this year, from $8.2 billion in the same period last year.

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