Aquino: Traffic Sign Of Booming Economy

MANILA Philippines --- Annoyed by the heavy gridlock along EDSA every day or worried by the strong appreciation of peso against the dollar?

There's nothing to worry about these developments.

President Benigno S. Aquino III has put a positive spin on these challenges facing the nation, saying these were better alternatives than having a dismal economic activity.

Aquino, during a visit in Cebu to campaign for the administration senatorial slate, saw the high volume of vehicle traffic along Metro Manila's main thoroughfare as a sign of a booming economy.

"Maganda na siguro ang problema na binabanggit na ma-trapik sa EDSA, tama po yan, dahil marami ang nasa kalsada, buhay na buhay ang ating economiya kaysa naman walang trapik sa EDSAa dahil wala ng makabili ng gasolina na patakbuhin ang kanyang sasakyan (The heavy traffic on EDSA is a better problem, that's right, because many vehicles are on the road because the economy is doing well. Having no traffic on EDSA, on the other hand, means nobody can buy gasoline for their cars)," the President said.

Hundreds of thousands of people endure bad to horrible traffic along EDSA everyday despite efforts of authorities to ease the situation. EDSA, supposedly a symbol of the first popular revolt that toppled a dictatorship, has become a traffic and pollution nightmare.

Apart from busy traffic along EDSA, the President welcomed the challenge of determining what to do with the peso-dollar exchange rate. The peso, considered one of the best performing currency in Asia, has surged against the dollar at 40.57 last Tuesday.

"We can sell peso bonds which have actually been oversubscribed. Bangko Sentral ng Pilipinas, however, has asked us to issue dollar bonds to help temper the fluctuation of the exchange rate," the President said in Filipino.

With the country's improved credit rating, Aquino added that choosing where to borrow was a better problem for the government rather than agonizing over the lack of creditors.

The President highlighted these positive challenges facing the nation as a result of his administration's reforms in managing the local economy. To build on these economic gains, Aquino urged the public to vote for the administration bets who will be his partners for reform.