Last week, a mild panic sent the peso to its lowest level in 25 months, past 45 to the dollar. In an hour-long talk with Senior Correspondent Antonio Lopez, Buenaventura assessed the peso as well as Estrada's credibility and management style as factors affecting the economy. Avoiding the collapse of the banking system and inspiring confidence in banking. We have had a few minor disasters. But at the threshold of the 21st century, the Philippine banking system stands resilient and dynamic.
Some experts are pretty pessimistic about the economic outlook.
The budget deficit may be higher than target but it is lower than last year. Interest rates are at their lowest point. The fundamentals are there. This year will be better than last. Next year will be a problem.