NEWSFLASH

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PINOY BANKERS UPBEAT ON ECONOMY

Manila, Nov. 9, 1997 - The country's top bankers see the current currency turmoil not as a genuine crisis but a short term problem. This analysis is contained in a report by the Department of Trade and Industry released this week.

Jose Facundo, president of the Bank of Philippine Island's Capital Corp., contended that the country's economic fundamentals remain strong despite the economy's currency woes.

"As far as I know, there's been no capital flight. There is an adjustment going on and I think for the long term we should look at this positively. I think one of the biggest mistakes we could make at this point is to lose confidence," he said.

Jose Isidro Camacho, managing director of Banker's Trust, is confident that t he recent devaluation is an adjustment that is needed, and that "the fundamentals of the economy are still positive and stability will return soon."