The Right faction of the Filipino bourgeoisie led by the Arroyo regime is trying very hard to hide the real state of the crisis by saying that  the Philippine economy is "not gravely" affected by the deepening world crisis of capitalism because the economic fundamentals are "still sound".

This distorted argument is ridiculous and irritating.  It misrepresents the truth behind world capitalist crisis and the complete integration of the national economy to the world economy. The purpose of the ruling faction's analysis is to protect its power and domination against its rivals who want to oust the former.