THE country’s economic managers remain committed to sustaining the country’s economic development amid local political tension.
In a joint statement, the country’s economic team asserted that the “transformation of the economy will not be set back by political challenges.”
“The economic managers note that the Philippine economy has proven time and again its resilience against both domestic and external challenges, whether arising from natural disasters, geopolitical risks, election cycle tensions, global or regional financial crises, supply chain gaps abroad, cybercriminal activities or other crises,” the economic team said.
“Hence, it is business as usual for the Philippine government,” they added.
Tensions between President Ferdinand Marcos Jr. and Vice President Sara Duterte have been escalating for about a week now, following controversial remarks made by Duterte on harming the President together with first lady Liza Araneta-Marcos and House Speaker Martin Romualdez.
While it was not mentioned in the statement on what political challenge the team has been pertaining to, Budget Secretary Amenah Pangandaman told reporters on Tuesday that they are doing their part to sustain the country’s economic progress.
“Well at least for the economic team, the work continues. All systems go, we’re still on track,” Pangandaman said.
The economic managers said they are determined in making the country attain an “A” credit rating” even amid political challenges.
“All branches of government are focused on fulfilling their various functions in a whole-of-government approach toward our Agenda for Prosperity,” they said.
S&P Global Ratings on Tuesday raised its outlook for the Philippines to “positive” from “stable.”
The debt watcher currently rates the country at “BBB+” set in 2019. The next step-up is an “A-” or “A” rating.
The country’s economic managers will also meet in December to review economic growth and other targets.
The Development Budget Coordination Committee (DBCC), which sets economic growth and fiscal assumptions, will meet in the first week of December to review targets. Pangandaman said that they are still optimistic that the 6 percent lower end of the government’s economic growth target will be met this year.
The DBCC early this year adjusted downward the country’s economic growth target to 6 to 7 percent from the previous 6.5 to 7.5 percent.
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