Aquino marks record highs, rings PSE opening bell

President Benigno Simeon “Noynoy" Aquino III on Tuesday rang the opening bell of the Philippine Stock Exchange (PSE) in Makati City to mark the recent record highs of the stock market. In a speech before ringing the opening bell at 9:30 a.m., Aquino said the all-time record highs reached by the stock market are a concrete manifestation of investor confidence in the country. He said the market is very bullish and he expects more foreign investments to come in. As he rang the PSE bell at the Ayala Trading Floor, Aquino was accompanied by Finance Secretary Cesar Purisima, PSE officials including PSE President and Chief Executive Officer Atty. Val Antonio Suarez, and business leaders such as Jaime Augusto Zobel de Ayala and Teresita Sy Coson. On Monday, the net foreign buying on the PSE reached P2.133 billion, pushing the main index to close at all time high of 3,972.60, on a value turnover of P8.05 billion. This broke the record transaction value of P7.02 billion on September 3. On Friday, in an interview with Malacañang reporters, Aquino said he is confident that the country's economy will recover from the impact of the August 23 hostage crisis. Aquino noted that several flights to the Philippines were canceled when the Hong Kong government issued a travel ban after the August 23 hostage tragedy wherein eight Hong Kong tourists were killed. On that day, a dismissed senior police inspector, Rolando Mendoza, hijacked a bus carrying 21 Hong Kong tourists and four Filipinos. Mendoza was demanding for his reinstatement and the dismissal of a pending case against him in the Office of the Ombudsman. After an 11-hour standoff, Mendoza and eight Hong Kong tourists died. Noting the record stock market figures, Aquino said investors expect that "things are going to get better" in the Philippines. "Perhaps that is a measure of the trust and confidence they're imposing on the current administration and the directions primarily of the economic team," he told reporters. The Philippine economy grew by 7.9 percent in the second quarter, the last three months of the administration of former President Gloria Macapagal Arroyo. This growth was credited to the relatively peaceful May elections and improved investor confidence, among others. As the 3rd quarter growth assessment approaches, Aquino said the government will do its best to sustain the economic developments. –VVP, GMANews.TV