	aquino says manila watching  rates closely president corazon aquino said the philippines was closely monitoring  rates in the wake of monday s record drop on wall street and steep declines in manila and other asian stock markets we will monitor these developments closely and will continue to hope that they do not precipitate large declines in economic activity around the world aquino told a meeting of major philippine business groups the philippines as a trading country in the world economy depends on the continued health and growth of both the world economy and the world trading system she said the manila stock exchange composite index plunged points or pct by the midday close to depressed by the record point fall of the dow jones industrial average on monday the philippines in addition as a large borrower nation is affected by developments in  rate levels around the world and will carefully monitor the impact of these developments on  rates on gold and on commodity prices aquino said we welcome the statements from world leaders that urge calm in the present difficult situation she added reuter 
