NEWSFLASH

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BUSINESS SECTOR WELCOMES ESTRADA CHOICES

Makati City, May 20, 1998 - The business community welcomed with a sigh of relief the news that leading presidential candidate Joseph Estrada intends to retain Gabriel Singson as Central Bank governor.

"The Central Bank governor is the man to watch out for in for was as keeping with the discussions with the IMF," said Jojo Gonzales, strategist of Merril Lynch Securities Philippines.

"If you change the Central Bank governor, we might be looking at a different set of policies," he added.

"At this point in time, Estrada has to get a Cabinet that is market-friendly," said Joey Cuyegkeng, economist of ING Barings Securities. "Because we're still in a situation where there are a lot of external pressures."

Cuyegkeng welcomed the announcement that veteran banker Edgardo Espiritu would be appointed Estrada's Finance Minister.

"The positive thing is that Espiritu is accepted by the business sector. He has been supporting reforms. And reforms will be heard in a more positive way in an Estrada administration," Cuyegkeng explained.

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