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Economic performance of the Philippines, strong and robust – IMF Staff

by UNTV News   |   Posted on Wednesday, August 9th, 2017

IMAGE_UNTV_NEWS_080817_MANILA PHILIPPINES

The Economic Performance of the Philippines continues to be strong with robust growth over the recent years.

This is based on the findings of the International Monetary Fund (IMF) led Luis E. Breuer, head of the 2017 Article Mission to the Philippines.

Mr. Breuer, who visited the country from July 26 until August 9, said the Philippine’s economic performance is characterized by 6.9% growth in 2016.

Unemployment rate has fallen while investments have grown.

Growth of the economy decreased a little in 6.4% in the first quarter due to slow public spending and strong base effects following the election last year.

Meanwhile, he clarified that conflict in Mindanao has not affected the flow of investments in the Philippines.

“We have no evidence that confidence or sentiment in the Philippines which is very strong, regional and global standards, both the private sector and the public sector have very ambitious plans to expand, we have no evidence that the confidence has been weakened because of any regional security events,” Breuer said.

He added that they support the plan of the Duterte administration to spend more on infrastructure.

He also recommended the passage of the tax reform package that will provide bigger revenue collection for the government.

“It will generate resources for the authorities to expand priority investments and social services and infrastructure, it will provide insurance against volatile international financial conditions,” Breuer said.

Passing the Rightsizing Bill can also help in improving the spending efficiency and quality.

Breuer however clarified that this is just part of the preliminary findings of his team after they met with the governor of the Bangko Sentral ng Pilipinas, some local government officials and the private sector. He said based on this he will draft a report to be submitted to the executive board of IMF for approval. – Joyce Balancio | UNTV News and Rescue

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