Philippines confident in face of EM storm

Senior officials in Benigno Aquino’s administration argue they can help keep the Philippines’ growth story on track even as other Asian markets face capital outflows.
Rosalia De Leon, treasurer of the Philippines in its department of finance, says GDP growth rates are on track to reach 5.5%-6.0% this year, with inflation low and stable.
Rosalia De Leon, treasurer of the Philippines in its department of finance, says GDP growth rates are on track to reach 5.5%-6.0% this year, with inflation low and stable.

Last week’s turmoil that rocked emerging-market equities and currencies had a relatively muted impact on the Philippines, and government officials remain upbeat on the country’s growth story.

“We are the only Southeast Asian country with its growth forecast intact,” says Rosalia De Leon, treasurer of the Philippines in its department of finance, noting that the country recently achieved investment grade status from Standard Poor’s and Fitch. She says GDP growth rates are on track to reach 5.5%-6.0% this year, with inflation low and stable.

Diwa Guinigundo, deputy governor for monetary stability at Bangko Sentral ng Pilipinas, the country’s central bank, says the momentum remains positive. “There are...

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