by: Karen Cayamanda
Friday, September 4, 2015 |
Amidst external shocks including the economic slowdown in China and the possible impact of the US Federal Reserve rate increase, National Treasurer Roberto Tan said the Philippine economy stays resilient, thanks to government reforms.
This resilience can be attributed to the strong external sector, reduced external exposure, and decrease in borrowings from abroad. Also, Tan said the country has maintained a healthy banking sector, with the bonds market unaffected by external woes.
Next week, finance leaders of the Asia Pacific Economic Cooperation (APEC) will gather in Cebu for the Cebu Action Plan which covers fiscal reforms and transparency. Tan said this meeting is in line with the objectives of APEC on financial resiliency.
Meanwhile, Finance Secretary Cesar Purisima said the country has enough fiscal space to make up for the impact of any risks. He added that its macrofundamentals make the country as one of the region's most resilient to external shocks. In fact, early this year, US-based think tank Center for Global Development named the country as the most resilient to external shocks among 21 emerging markets.
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