"The normal course of governance and business has been quickly restored. There has been a setback in confidence but the fundamentals are sound and stable," Arroyo said in a statement amid fears of a negative economic fallout.

"This is a blip (on) the screen that does not forebode instability. The Armed Forces is fully united and staying the course of reform and modernization," she added.

Budget Secretary Emilia Boncodin said Manila is sticking to its 2003 economic targets for now.

"There is no need to change the (macroeconomic) numbers unless there is a discernable change in the trend," she told reporters.

Manila earlier set a 2003 target for gross domestic product (GDP) growth of between 4.2 and 5.2 percent, with inflation projected at between 4.5 and 5.5 percent.

It expects interest rates, as reflected by the bellweather 91-day Treasury bills, to average between 7.0 and 8.0 percent.

Arroyo's economic managers are meeting Tuesday to discuss the possible impact of the weekend military mutiny, Boncodin said.

"It's too early (to make any revision). Maybe after a quarter, we will have to make an assessment on the effect of the Makati incident on our economy," Boncodin said.

About 300 soldiers seized the center of the Makati financial district before dawn on Sunday and demanded the resignation of Arroyo and Defense Secretary Angelo Reyes, accusing them of corruption and sponsoring terrorism.

They surrendered peacefully about 22 hours later when the population and the rest of the military refused to join them.

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