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Malacañang said on Saturday it is still reviewing whether or not to declare August 23 (Monday) as a holiday in deference to former President Gloria Macapagal Arroyo's holiday economics law. Presidential Spokesperson Edwin Lacierda said that though President Aquino is "not inclined" to observe the holiday economics law of his predecessor, the Palace is still studying the possibility of declaring August 23 as a holiday.

He said it will be announced within the week for the benefit of the public, particularly those who are planning to have a vacation during the long weekend if ever a non-working day will be declared on August 23. According to Lacierda, President Aquino is sensitive when it comes to celebrations concerning his parents, the late Sen. Benigno S. Aquino and the late former President Corazon C. Aquino. August 21 is the death anniversary of Sen. Benigno S. Aquino Jr., which falls on a Saturday.

"I understand na madami na din ang gumagawa ng plano tungkol dun kung magbabakasyon [there are people who are already planning to have a vacation assuming there will be a long weekend]," he said. "There's a holiday economics law so pag-uusapan namin ni Pangulong Aquino although nasabi na rin nya na he's not inclined to do so... pero pag-aaralan and we'll let you know as early as next week [There's a holiday economics law so the President and I will talk about this although he already said he's not inclined to do so... But we'll review it and we'll let you know as early as next week]," he said.

Former President Arroyo signed Republic Act 9492 or the Act Rationalizing the Celebration of National Holidays in July 2007, which moves majority of the holidays in the country to the nearest Monday. This would enable the public to enjoy a long weekend and also lure more tourists in the country. But last Friday, President Aquino said his administration is mulling to review the holiday economics of the Arroyo administration.