NEWSFLASH

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GNP REPORT: DIFFERENT STORY

Manila, Dec. 7, 1997 - Senators from the opposition party claimed that the GNP report of 6% growth in the Philippine economy does not conform to the spiralling food prices in the country. Senators Edgardo Angara and Miriam Santiago did not agree that economy had quickly recovered from the Asian economic weakening.

Angara said retail prices of basic commodities in Baclaran, Mutya ng Pasig and at the Nepa-Q-Mart, Metro Manila's public markets, rose by 200 to 300 per cent, more than double since the peso plummeted. Prices of "galunggong" (poor man's fish) went up from P30 to P40 and "bangus" (milkfish) from P40 to P50 per kilo. Prices of dry goods, as well, went up. Short pants for toddlers now sell P120 a dozen from P100 per dozen and T-Shirts for P55 a piece instead of P45.

According to documents from Bangko Sentral ng Pilipinas, the country's foreign debt payments will amount to P5.8 billion this year, a 16% increase over last year.

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