Press Secretary Ignacio Bunye today said that the record trading yesterday by local and foreign investors in the Philippine stock market reflects confidence in the leadership of President Gloria Macapagal-Arroyo.

"Confidence in the economy reflects a confidence in the political leadership," Bunye said in a statement.

"This is supported by the demonstrated solidarity of our people to collectively face the crisis, their political will and the sense of hope that projects a brighter future."

Bullish trading by local and foreign investors Wednesday in the local stock market closed share prices up 3.39 percent, the highest in more than four years.

Philippine Chamber of Commerce and Industry (PCCI) securities president Francisco Liboro said that the improving market sentiment could be an offshoot of the country’s strong economic performance in the second quarter.

Socioeconomic Planning Secretary Romulo Neri said the strong economic growth in the first half of this year would likely be sustained even up to next year.

Neri said the economy would be resilient despite the possibility of a fiscal crisis.

The economy grew 6.35 percent in the first half, and the government projects a growth rate of around 6.1 percent for this year, higher than its forecast of 4.9-5.8 percent.