According to President Benigno Aquino III, in the event of another financial crisis in the US, the Philippines is strong enough to weather through its effects.
The President explained before the media that both the Bangko Sentral ng Pilipinas and economic cluster are working on several technical solutions to alleviate the effects of a global leader going bankrupt.
He cited US Secretary of State John Kerry’s outlook that the government shutdown is driven by politics in the US and that every American politician is aware of what will happen if the default or shutdown continues.
Meanwhile, Finance Secretary Cesar Purisima said the Aquino administration ensures that the country is in a favorable position - specifically readiness of the country’s liquid assets in case a default happens. He noted that the Filipinos shouldn’t worry as much because OFWs are working in different countries, not just in the US. In addition to that, the local BPO sector will be more efficient and competitive through trying times.
Purisima also mentioned that the investment rating upgrades that the country has received from major credit investment organizations over the past couple of months will back the Philippine economy.