MANILA -- President Gloria Arroyo said yesterday that the Philippines was now more stable and in a growth cycle, more than a month after she briefly assumed emergency powers to quash an alleged military coup attempt.

"We are now encountering an integrated cycle of political stability, economic growth and social reform," she said in a statement.

Arroyo cited the return to profitability of the chronically loss-making state utility National Power Corp., pledges of higher US development aid, and increased investment flows.

She said the pledge by Washington, Manila's top ally and trading partner, "is a mark of confidence that our reforms are taking root in the midst of gaining confidence and hope.

"As investment flows rev up, we can clear more hurdles along the road and open broader opportunities for business and jobs."

The United States announced increased annual development aid to Manila of $131.2 million, as well as signaling its support of Arroyo's efforts to sign a political settlement this year with Muslim separatists waging a decades-old insurgency.

Arroyo urged critics to cease efforts to block her attempt to rewrite the Philippine constitution, which the government says would make the Southeast Asian country more investment-friendly and lessen political instability associated with the presidential system of government.

"There is no force that can stand in the way of growing enterprise and reform, with charter change as the clincher of the big prize of the future."*AFP

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