The government remains bullish despite recent downward adjustments to the country’s growth outlook, the National Economic and Development Authority (NEDA) said on Monday. The NEDA issued the statement after both the Asian Development Bank (ADB) and International Monetary Fund (IMF) trimmed their growth forecasts for the Philippines due to rising challenges. In August, meanwhile, Fitch Solutions said it expected Philippine economic growth to hit 6.3 percent this year, lower than the previous forecast of 6.5 percent. Pernia attributed growth since 2010 to robust domestic demand, the rising contribution of investments and the industry sector, and high growth in total factor productivity. ”Our fiscal policy remains prudent, our external position is supportive of economic growth, we have a stable banking system, and measures toaddress high inflation are currently being prioritized,” he added.

Source: Manila Times October 01, 2018 17:23 UTC