PH far from experiencing Sri Lanka economic crisis, Neda says

Neda Sec. Karl Kendrick Chua. INQUIRER file photo

MANILA, Philippines — The Philippines is far from experiencing the economic crisis that Sri Lanka is currently facing, National Economic and Development Authority (Neda) Secretary Karl Kendrick Chua said Wednesday.

In a forum, Chua was asked if the Philippines is unlikely to face Sri Lanka’s situation wherein there are shortages of supply.

“So far, malabo kasi (unlikely because) we are two different countries. We are on our path to economic growth and accelerated growth,” he responded in a Kapihan sa Manila Bay forum.

“We have a strong macroeconomic fundamentals. Our credit ratings are the highest ever, in fact we can borrow very cheaply,” he assured.

According to Chua, reforms are in place for the country’s future.

“We have done all the reforms needed to secure our future. We have to continue that and not reverse any of them,” he said.

Sri Lanka is facing a severe scarcity of foreign exchange stalling essential imports such as drugs and fuel.

In April, Sri Lanka declared a state of emergency over its worst economic crisis.

Of the 581 Filipinos in Sri Lanka, no one requested for repatriation yet, the Department of Foreign Affairs said.

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JPV