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Normalcy returns in Philippines as nation awaits President`s address
Manila, July 28: The Philippine capital returned to normal today, hours after a group of renegade soldiers peacefully ended a weekend mutiny during which they barricaded themselves inside an upscale mall.
Manila, July 28: The Philippine capital returned to normal today, hours after a group of renegade soldiers peacefully ended a weekend mutiny during which they barricaded themselves inside an upscale mall.
Army barriers in the Makati financial district, where the Glorietta Shopping Complex is located, were taken down and squads of workers cleaned the streets ahead of the usual Monday morning rush to work.
Glorietta, one of the most popular shopping malls in Manila, is close to the stock exchange, the city headquarters of local and international banks, and the offices of multinational companies.
Although President Gloria Macapagal Arroyo looked elated as she announced the end of the mutiny on television late last night, analysts warned the repercussions of the event would be profound.
Many feared it could be the start of a throwback to the 1986-1992 rule of former President Corazon Aquino, which was marked by a string of coup attempts and stymied the Philippines at a time of rapid growth for its Southeast Asian neighbours.
The Peso currency and the local share market are likely to open sharply weaker when trading begins on Monday, analysts said. But the effect on the overall economy was likely to be deeper, they said.
''This incident will certainly have a negative effect on our economy,'' said trade secretary Manuel Roxas. ''Even now, the business sector is reeling in a state of shock.''
The renegades accused the government and senior officers of corruption, collusion with Muslim rebels and planing to impose martial law to avoid Presidential elections scheduled for 2004.
They gave up without firing a shot, saying they did not want needless bloodshed, but the issues are not likely to be forgotten.
Arroyo is also scheduled to make her annual state of the nation address to both Houses of Congress later on Monday.
The mutiny is likely to overshadow most other topics, but another embarrassing event -- the escape of one of the region's most notorious Muslim rebel from a top-security Manila prison earlier this month -- is also likely to come up.
Bureau Report
Army barriers in the Makati financial district, where the Glorietta Shopping Complex is located, were taken down and squads of workers cleaned the streets ahead of the usual Monday morning rush to work.
Glorietta, one of the most popular shopping malls in Manila, is close to the stock exchange, the city headquarters of local and international banks, and the offices of multinational companies.
Although President Gloria Macapagal Arroyo looked elated as she announced the end of the mutiny on television late last night, analysts warned the repercussions of the event would be profound.
Many feared it could be the start of a throwback to the 1986-1992 rule of former President Corazon Aquino, which was marked by a string of coup attempts and stymied the Philippines at a time of rapid growth for its Southeast Asian neighbours.
The Peso currency and the local share market are likely to open sharply weaker when trading begins on Monday, analysts said. But the effect on the overall economy was likely to be deeper, they said.
''This incident will certainly have a negative effect on our economy,'' said trade secretary Manuel Roxas. ''Even now, the business sector is reeling in a state of shock.''
The renegades accused the government and senior officers of corruption, collusion with Muslim rebels and planing to impose martial law to avoid Presidential elections scheduled for 2004.
They gave up without firing a shot, saying they did not want needless bloodshed, but the issues are not likely to be forgotten.
Arroyo is also scheduled to make her annual state of the nation address to both Houses of Congress later on Monday.
The mutiny is likely to overshadow most other topics, but another embarrassing event -- the escape of one of the region's most notorious Muslim rebel from a top-security Manila prison earlier this month -- is also likely to come up.
Bureau Report