THE PHILIPPINES will likely grow by around 6.5% this year, even with a potential global economic slowdown, Finance Secretary Benjamin E. Diokno said.
“That’s still one of the highest if not the highest growth projection in the Asia-Pacific region,” Mr. Diokno said in a statement that quoted his speech at an event in Davos, Switzerland.Forecasts given by the World Bank and the ASEAN+3 Macroeconomic Research Office showed the Philippines may post the second-fastest GDP expansion among key Southeast Asian countries this year, after Vietnam. AMRO sees the Philippines’ GDP growing by 6.2%, while the World Bank expects 5.4% GDP expansion.
“Further, opening economic sectors to foreign equity, improving the ease of doing business and allowing for modern transformative industries to take root and grow will further sustain the economy,” he added. “The fund, which will be established in keeping with the highest standards of accountability and soundscal management, aims to diversify the country’s financial portfolio,” he said, adding that he would discuss the MIF during the World Economic Forum .
However, the Philippine economy is expected to feel this year the delayed impact of the Bangko Sentral ng Pilipinas’ recent aggressive tightening. The BSP has not ruled out further rate hikes this year after raising the benchmark rate by a total of 350 basis points last year to tame inMr. Chikiamco likewise said the Philippines will likely grow below the government’s target amid rising food prices and food insecurity.
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