City government, business group to host economic briefing
The city government and the business community here will invite economic experts from Manila to talk about the financial crisis in the United States and its impact to the Philippines.
Mayor Jerry P. Treñas said even before the news broke out about the Lehman Brother;s financial standing he already made discussions with Iloilo Business Club (IBC) chairman Antonio Jon to hold an economic briefing.
With the situation now the mayor saw the need for the briefing to proceed sometime in October or November.
"The reports are very disturbing but the Federal Reserve;s bailout of US $ 85 million to the American International Group (AIG) is a great help to the market," he said.
He added that the public needs to be more vigilant, even if the government has assured that what happened to the Lehman Brothers will not really affect the banking system in the country.
"There might be some effects although I see it as minimal. Again I;m still pushing for the economic briefing not only for the business community but also for other sectors in the city so that they would understand what is happening now," he added. (PNA)