MANILA, Philippines - The botched attempt to rescue the Rizal Park hostages has not derailed the government's efforts to put the economy back on track, President Benigno Aquino III said on Thursday.

At a press briefing for major television networks in Malacañang, Aquino said that contrary to dire predictions of a broad economic fallout following the hostage crisis that left 8 Hong Kong tourists dead, the outlook for the domestic economy is still positive.

"We were not derailed. I'm happy to report that economic and business prospects are still bright."

Aquino, who will have his first foreign trip to the United States later this month since becoming president, said he expected his entourage to firm up significant trade deals during the 4-day trip.

"When we come back from the US, we can give you concrete numbers of what to expect."

Aquino refuted doomsayers who have been harping that the unfortunate incident that has enraged Hong Kongers, will spill over to broader sections of the economy aside from the already noticeable drop in tourist arrivals.

"What has transpired so far is that firms talk about continued great growth (in their respective companies)."

Aquino cited business process outsourcing company Convergys, which is recruiting an additional 5,000 personnel on top of its existing manpower of 17,000.

"Currently, they are looking for more space in their facility."

Multinational IBM, Aquino added, has also asked him to inaugurate its upgraded and expanded facility at the UP-Ayala technology hub at the UP Diliman complex in Quezon City.

"Have we been derailed? No. This (incident) has taken undue attention, but at the same time, I look at it as an opportunity to start addressing certain things that we have overlooked in our quest to provide jobs first, reform the education system, and really fight graft and corruption."

On Thursday, the Philippine Stock Exchange soared to an all-time high on positive economic data, with merchandise exports in July surging by a hefty 39.5% from the prior year to $4.5 billion. This brought the 7-month exports to $28.223 billion, 37.4% higher from a year ago.

The government expects the economy to grow faster than an official target of 5% to 6% this year and accelerate to 7 to 8% in 2011, partly driven by a rebound in demand for the country's electronic and semiconductor exports.