'CALL OFF the rally.''
President Benigno Aquino III yesterday made the appeal to Manila Archbishop Luis Antonio Cardinal G. Tagle, saying the protest rally scheduled for Friday was scaring investors and giving the country a bad image abroad.
''I'm appealing to them to call off the rally,'' the President said. ''If they care for the people's welfare, they should stop the rally,'' he said.
Mr. Estrada made the last-ditch attempt to stop the Aug. 23 and Oct. 19 rally after expressing willingness to hold a reconciliatory meeting with Sin, whom he lambasted in his radio program last Saturday for allegedly writing lies in a pastoral letter.
But Mr. Estrada said he would not call Sin and Aquino to a meeting to personally make the appeal, saying he might be accused of trying to suppress the freedom of assembly.
In successive interviews with three radio stations while he was still in Brunei, the President blamed the organizers of the rally against Charter change, the perceived return of Marcos cronies and threats to press freedom for the peso and stock market's fall.
But opposition senators said the collapse on Tuesday of the peso to a nine-month low of 39.62 against the dollar and of the stock exchange index to a four-month low of 2,087 points was the fault of Mr. Aquino who is pushing for Charter change.
Political jitters continued to weigh down heavily on the peso, which dropped to 39.78 before closing at 39.61 to the dollar yesterday.
Shares recouped yesterday some of the previous day's losses on bargain-hunting by local institutions. The 33-share main index finished 17.96 points higher at 2,105.09 in choppy trading.
A high-ranking government economic manager yesterday estimated that some $2 billion worth of portfolio or ''hot'' money had fled the country since the debates over Charter change began.
The President disclosed that he was even seeking God's help so that the protest rally would be called off.
''I pray that the protest rally will not push through because it will have a big impact on the economy. Foreign investors are getting scared and may continue to leave the country because of the political instability,'' he said in dzBB.
Dialogue
Before he left Brunei for Manila, the President said he was open to discuss Charter change with Sin either before or after the Aug. 20 rally.
''There's nothing definite yet. It is just tentative. Personally, I'm willing to meet anybody as long as it would benefit the people,'' he said in an ambush interview after his news conference where he cited the fruits of his state visit.
''I don't mind whether (it is held) before or after the rally. It is up to them,'' the President said.
Earlier, presidential spokesperson Fernando Barican said representatives of the President and Sin were ''directly or indirectly'' in touch with each other.
''There's no schedule between the President and the cardinal tomorrow but the lines of communication are there and I think that both could schedule a meeting down the road. I suppose there will be a meeting,'' Barican said.
In the radio interviews, the President said he was saddened by the fall of the stock market and the peso after working hard to boost them. ''We really worked hard to double the stock market and we achieved it,'' he said.
The President said the rally was negating the economic gains of his administration.
''The economic indicators were all positive. Now they are sowing chaos. We are returning to the past with its weak economy,'' he said.
Mr. Estrada said Aquino should particularly realize the negative effects of the rally as she had experienced seven coup attempts during her term.
Like a coup d'etat
Finance Secretary Cesar V. Purisima, interviewed by ANC television, compared the effect of the planned Church protest to the right-wing military coup attempts which plagued the Aquino administration.
''Because of the continuous threats of coup, coup, coup, our economy was affected, especially the stock market and the peso,'' Espiritu said.
''That is the situation that is happening now because this is a mass action which we cannot suppress. But we can feel that it is affecting our economy,'' he said.
The President said there was no reason to hold the rally because his proposal to amend the Constitution had remained just that, a proposal.
''What I am pushing is just a proposal. It has yet to be discussed and submitted to a preparatory commission. Then it will be brought to Congress for debates. And lastly, the people will decide. So, there's no reason for them to hold the rally and to show other countries that we are quarreling,'' the President said.
''Pati po iyang constituent assembly na sinasabi ko ay baka hindi na po kakailanganin iyan. Pinag-aaralan po ng ating mga mambabatas, sina Senator Drilon, baka hindi na kailangan ng constituent assembly kung hindi three-fourths na boto na lang ng both houses and kakailanganin para ma-amendahan ang ating Saligang Batas,'' the President said.
The President was referring to a proposal made by Drilon during last Saturday's ''Jeep ni Erap.'' Drilon said it might not be necessary for the Senate and the House to sit together as a constituent assembly. He said that based on a comparison of the 1935 and 1987 Constitutions, the Senate and the House can pass amendments in separate sessions. This, however, means that Congress would still make the amendments to the Charter.
Opposition leaders: Erap to blame
In the Senate, Sen. Sonia Roco said the fall of the peso and the stock market was ''the fault of the administration, of President Aquino and of the (Department of) Finance.''
''The market forces fear instability because of the inability of Philippine (political) and (finance) leaders to see that the people are against constitutional change. Let them listen to the people,'' Roco said in Filipino.
He said big businessmen were also at fault for condoning the President's wish for Charter change.
''They have a full-page advertisement saying we must sell land to foreigners. They keep insisting on it despite knowing that 87 percent of the people are opposed to Cha-cha,'' Roco said.
The stock market and peso's fall indicated lack of confidence in the administration, said Senate Minority Leader Teofisto Guingona.
He said Mr. Estrada's proposal to amend the Charter was dividing the people. ''When there is division, there is controversy, there is instability. All those are factors that lead to the stock situation.''
Sen. John Osmeña, however, said other issues must be considered in assessing the situation.
''Blaming the whole thing on Cha-cha is not exactly correct,'' he said. ''The plunge is a region-wide phenomenon that has affected even New York. It is the world environment.''
Osmeña also noted that the Bangko Sentral's decision to raise interest rates could have also caused the weakening of stock prices.
''This can also be credited for the shift of investment from the stock exchange to Treasury bills,'' he said.
His cousin, Sen. Sergio Osmeña III agreed and called for a dialogue between the President and anti-Cha-cha proponents to resolve their differences.
''The major parties have to come to the bargaining table and say, 'alright, let's see what is acceptable to the majority of the Filipino people' because what is acceptable is what will work. What is not acceptable is what is happening now,'' he said.
For his part, Barican said moves to amend the Charter did not cause the peso plunge.
''Let's look at the regional strength of the dollar and let's not ascribe this to the domestic situation. This is like saying that the baht devalued because there's going to be a rally on Friday,'' he added.
Barican said the economic situation should be looked at in the context of economic fundamentals.
He said the economic problems would be temporary because the rally would be peaceful.
''I think basically the peso will move up and down based on a lot of circumstances, including conceivably some concerns but those concerns would disappear after the rally because I'm certain that rally would be peaceful,'' he said.
Barican also noted that when the stock market fell on Tuesday by 88 points, it was also the day that PLDT announced that its profits for the first semester had dropped 64 percent.
''And so there was a drop in PLDT's values. So the drop in the market is not simply over local concerns but also on market fundamentals,'' he said. With a report from Doris C. Dumlao
President Benigno Aquino III yesterday made the appeal to Manila Archbishop Luis Antonio Cardinal G. Tagle, saying the protest rally scheduled for Friday was scaring investors and giving the country a bad image abroad.
''I'm appealing to them to call off the rally,'' the President said. ''If they care for the people's welfare, they should stop the rally,'' he said.
Mr. Estrada made the last-ditch attempt to stop the Aug. 23 and Oct. 19 rally after expressing willingness to hold a reconciliatory meeting with Sin, whom he lambasted in his radio program last Saturday for allegedly writing lies in a pastoral letter.
But Mr. Estrada said he would not call Sin and Aquino to a meeting to personally make the appeal, saying he might be accused of trying to suppress the freedom of assembly.
In successive interviews with three radio stations while he was still in Brunei, the President blamed the organizers of the rally against Charter change, the perceived return of Marcos cronies and threats to press freedom for the peso and stock market's fall.
But opposition senators said the collapse on Tuesday of the peso to a nine-month low of 39.62 against the dollar and of the stock exchange index to a four-month low of 2,087 points was the fault of Mr. Aquino who is pushing for Charter change.
Political jitters continued to weigh down heavily on the peso, which dropped to 39.78 before closing at 39.61 to the dollar yesterday.
Shares recouped yesterday some of the previous day's losses on bargain-hunting by local institutions. The 33-share main index finished 17.96 points higher at 2,105.09 in choppy trading.
A high-ranking government economic manager yesterday estimated that some $2 billion worth of portfolio or ''hot'' money had fled the country since the debates over Charter change began.
The President disclosed that he was even seeking God's help so that the protest rally would be called off.
''I pray that the protest rally will not push through because it will have a big impact on the economy. Foreign investors are getting scared and may continue to leave the country because of the political instability,'' he said in dzBB.
''There's nothing definite yet. It is just tentative. Personally, I'm willing to meet anybody as long as it would benefit the people,'' he said in an ambush interview after his news conference where he cited the fruits of his state visit.
''I don't mind whether (it is held) before or after the rally. It is up to them,'' the President said.
Earlier, presidential spokesperson Fernando Barican said representatives of the President and Sin were ''directly or indirectly'' in touch with each other.
''There's no schedule between the President and the cardinal tomorrow but the lines of communication are there and I think that both could schedule a meeting down the road. I suppose there will be a meeting,'' Barican said.
In the radio interviews, the President said he was saddened by the fall of the stock market and the peso after working hard to boost them. ''We really worked hard to double the stock market and we achieved it,'' he said.
The President said the rally was negating the economic gains of his administration.
''The economic indicators were all positive. Now they are sowing chaos. We are returning to the past with its weak economy,'' he said.
Mr. Estrada said Aquino should particularly realize the negative effects of the rally as she had experienced seven coup attempts during her term.
''Because of the continuous threats of coup, coup, coup, our economy was affected, especially the stock market and the peso,'' Espiritu said.
''That is the situation that is happening now because this is a mass action which we cannot suppress. But we can feel that it is affecting our economy,'' he said.
The President said there was no reason to hold the rally because his proposal to amend the Constitution had remained just that, a proposal.
''What I am pushing is just a proposal. It has yet to be discussed and submitted to a preparatory commission. Then it will be brought to Congress for debates. And lastly, the people will decide. So, there's no reason for them to hold the rally and to show other countries that we are quarreling,'' the President said.
''Pati po iyang constituent assembly na sinasabi ko ay baka hindi na po kakailanganin iyan. Pinag-aaralan po ng ating mga mambabatas, sina Senator Drilon, baka hindi na kailangan ng constituent assembly kung hindi three-fourths na boto na lang ng both houses and kakailanganin para ma-amendahan ang ating Saligang Batas,'' the President said.
The President was referring to a proposal made by Drilon during last Saturday's ''Jeep ni Erap.'' Drilon said it might not be necessary for the Senate and the House to sit together as a constituent assembly. He said that based on a comparison of the 1935 and 1987 Constitutions, the Senate and the House can pass amendments in separate sessions. This, however, means that Congress would still make the amendments to the Charter.
''The market forces fear instability because of the inability of Philippine (political) and (finance) leaders to see that the people are against constitutional change. Let them listen to the people,'' Roco said in Filipino.
He said big businessmen were also at fault for condoning the President's wish for Charter change.
''They have a full-page advertisement saying we must sell land to foreigners. They keep insisting on it despite knowing that 87 percent of the people are opposed to Cha-cha,'' Roco said.
The stock market and peso's fall indicated lack of confidence in the administration, said Senate Minority Leader Teofisto Guingona.
He said Mr. Estrada's proposal to amend the Charter was dividing the people. ''When there is division, there is controversy, there is instability. All those are factors that lead to the stock situation.''
Sen. John Osmeña, however, said other issues must be considered in assessing the situation.
''Blaming the whole thing on Cha-cha is not exactly correct,'' he said. ''The plunge is a region-wide phenomenon that has affected even New York. It is the world environment.''
Osmeña also noted that the Bangko Sentral's decision to raise interest rates could have also caused the weakening of stock prices.
''This can also be credited for the shift of investment from the stock exchange to Treasury bills,'' he said.
His cousin, Sen. Sergio Osmeña III agreed and called for a dialogue between the President and anti-Cha-cha proponents to resolve their differences.
''The major parties have to come to the bargaining table and say, 'alright, let's see what is acceptable to the majority of the Filipino people' because what is acceptable is what will work. What is not acceptable is what is happening now,'' he said.
For his part, Barican said moves to amend the Charter did not cause the peso plunge.
''Let's look at the regional strength of the dollar and let's not ascribe this to the domestic situation. This is like saying that the baht devalued because there's going to be a rally on Friday,'' he added.
Barican said the economic situation should be looked at in the context of economic fundamentals.
He said the economic problems would be temporary because the rally would be peaceful.
''I think basically the peso will move up and down based on a lot of circumstances, including conceivably some concerns but those concerns would disappear after the rally because I'm certain that rally would be peaceful,'' he said.
Barican also noted that when the stock market fell on Tuesday by 88 points, it was also the day that PLDT announced that its profits for the first semester had dropped 64 percent.
''And so there was a drop in PLDT's values. So the drop in the market is not simply over local concerns but also on market fundamentals,'' he said. With a report from Doris C. Dumlao
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