NEWSFLASH

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PRICES TO REMAIN STEADY -- FVR

Manila, Dec. 20, 1997 - Prices of basic commodities will remain stable despite the peso depreciation because manufacturers have committed to maintain the present prices of their products, President Ramos assured yesterday.

In a speech before the Commission on Higher Education, the president indicated the peso will recover soon and he appealed to the public not to panic.

"It is panic we are fighting," Ramos said, as he expressed confidence that the inflation rate will remain below 6% until the end of the year. He also remained optimistic that the country's high export growth is more than enough to rescue the battered peso.

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