Government to prepare for global impact on economy of Japan’s crisis – Aquino

PRESIDENT Benigno S. Aquino III assured that the government will put in place contingency
measures for the country to be able to cope with the global impact of the powerful earthquake
and tsunami that hit Japan last week.

In a press briefing on Monday at Malacanang, the President said the Japan twin disasters
will definitely have an effect on the country’s economy. He said his economic team is now
studying the effects of Japan’s economy falling out on the country.

“I was informed by the economic team that we will be guided (by the study) as to how we
will cope with the fall of one of the world’s biggest economies, one of our biggest official
development assistance (ODA) source and one of our biggest trading partners,” the
President said.

“The directions that we will take after the study will tell us exactly what needs to be done so
we can cope with this development that has happened,” he added.

Some of the country’s economists have said that the government should look for other loan
and financing alternatives as Japan gears for a massive reconstruction of its economy.

Reports said that reconstruction in Japan may take at least 10 years and a lot of spending.

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