Manila (AsiaNews) –President Gloria Macapagal-Arroyo announced during a luncheon with media personalities that the Philippines's fiscal crisis was over. "Public confidence in banks and financial institutions is intact," she said, "while direct investments are up and the stock market went up to levels not seen in many years."

However, many observers have doubts about the President's announcement. Only three months ago, her government had publicly stated that the country was going through a serious fiscal crisis.

Opposition representative Francio Escudero asked: "How did we overcome the crisis in such a very short time?"

For Mgr Oscar Cruz, Archbishop of Lingayen-Dagupan, if what the President said is true, then a miracle has occurred in the country. In a statement issued today, he said: "For a whole nation to be in and out of financial crisis within but three months is intriguing. Something that dramatic to happen is either impossible, incredible or miraculous."

The prelate emphasised that in the last few month nothing good has happened for the population, "nothing except the continuously rising prices of practically everything and the continuously falling value of the peso."

Archbishop Cruz pointed out that many Filipinos still risk their lives working in war zones adding that "if there was enough work and adequate salaries here, our compatriots would not leave, [which means] either we were never in a financial crisis or we are still in [one]." (SE)