<b>Arroyo faces dirty war on many fronts</b>

January 01, 1999

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Headline: Arroyo faces dirty war on many fronts Source: Euromoney Date: September 2001 Author: Chris Cockerill Being an investment banker in the Philippines is rarely dull. One day you might find yourself being blamed for triggering a collapse in the currency, the next winning a mandate for an unplaceable bond deal. Nerves and tempers are being frayed in the country’s financial markets by fears about collapsing exports, a weakening currency, fiscal deficits and exclusion from international capital markets. Everyone hopes that the new president can clean up the mess.         Jose Isidro N Camacho The celebrations are over. But president Gloria Macapagal Arroyo’s task goes well beyond tidying up after the party celebrating her rise to the top seven months ago. She also has to clean up the mess left behind by her predecessor, Joseph Erap Estrada. The immensity of the task has slapped Arroyo squarely in the face. In between knocking back $3,000 bottles of red wine and holding cabinet meetings while chatting to friends and business associates, Estrada very nearly succeeded in bringing about the collapse of the Philippine infrastructure.

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Banking