MANILA, Philippines (AP) - The Philippines is able to service its debt, the government said Tuesday, as officials scrambled to reassure jittery investors a day after the president rattled the markets by saying the country was in the throes of a fiscal crisis.
The country's currency slumped to a three-week low of 55.850 pesos to the U.S. dollar on Monday, after President Gloria Macapagal Arroyo said in a statement: "We are already in the midst of a fiscal crisis and we have to face it squarely.''
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