Malacañang downplays Moody’s warning: Policy shift won’t affect PH growth

By: - Reporter / @NCorralesINQ
/ 05:03 PM November 01, 2016

Malacañang on Tuesday downplayed the warning of credit watchdog Moody’s Investor, saying the government’s shift in policies would not affect the country’s economic growth.

“The economic fundamentals remain strong. The poverty rate had dropped. Inflation rate is stable. Government – Private Contracts continue to be honored,” Communications Sceretary Martin Andanar said in a text message sent to reporters.


Andanar believed the Duterte administration’s shift in policies, especially in foreign relations would not affect the country’s growth.

“We will be ok,” he said.


On Monday, Moody’s said the Philippines’ banking system would remain stable over the next 12 to 18 months.

Moody’s said the country’s economy was expected to achieve real gross domestic product growth of 6.5 percent for 2016 and 2017.

“Strong domestic consumption and an increased pace of investments, backed by macroeconomic stability, underpin the robust growth expectations. Business sentiment remains strong, banking sector credit growth will stay robust, and the economy has demonstrated resilience to global shocks,” it said.

The credit watchdog, however, warned that the changes in the government’s policies may affect the country’s economic growth.

“The country’s growth prospects could be undermined, if there is a significant shift in the government’s policies,” it said.

President Rodrigo Duterte has repeatedly said that he wanted to chart an independent foreign policy for the Philippines, saying he would eject any attempts of meddling by foreign governments.

Duterte has also threatened to sever ties with our allies particularly the United States.


Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Foreign policy, Moody's, Rodrigo Duterte
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.