Aquino: Stock market shows PH economy ready to take off

CALAPAN CITY, Philippines—President Benigno Aquino III said Friday the Philippine stock index’s breaching of the 5,000 mark was an indication that the country’s economy was poised for takeoff.

“The stock market is the clearest indicator and fastest reacting business indicator to show business confidence,” the President told reporters here.

Mr. Aquino was in this city to inaugurate a 2.1-megawatt mini-hydro power plant and to ceremonially switch on the electrification of 45 villages.

The President adverted to foreign media reports that said the Philippines is poised for takeoff. He cited one which said “I may have the antidote or the cure for the sick man of Asia.”