Official Publication of the Philippine Information Agency Bicol Regional Office, in cooperation with the RIAC-REDIRAS - RDC Bicol

Wednesday, September 28, 2016

PHL remains with "very strong economic fundamental” -- BSP official

By Ana-Liza S. Macatangay

NAGA CITY, Sept. 28 (PIA) --- Speaking before the 2016 Bangko Sentral ng Pilipinas (BSP) awardees  from various private institutions, government sectors, academe and other stakeholders, BSP Monetary Board member Juan D. De Zuniga, Jr. has assured the country is still enjoying a very strong economic fundamental.

Zuñiga, in response to a query of a reporter on the implication  of the current P48-$1 dollar exchange, said, "the BSP governor has made a statement that this is more due to external factors. We have analyzed this is more externally induced because the investors are positioning themselves to a possible upgrade in the interest rates in the US government."

He added that the Philippines still have a very strong economic fundamental, growth is still positive, inflation is within target and the international reserves being held by the Bangko Sentral is at a record high of about $85B.

“That is a record high in international reserves for the Bangko Sentral. We have a strong and stable banking system,” Zuñiga expounded.  

Zuniga, who was also invited as keynote speaker of the 2016 Awards Ceremony and Appreciation Lunch for BSP Stakeholders in Bicol, clarified that the pronouncements of President Duterte were mainly directed towards his campaign against crime, corruption and drugs.

“That is the target of all his pronouncements and if there will be some foreign policy implications arising from these statements, this are also arising from the same issues. The foreign policy pronouncements are related to the same issues on his campaign against criminality and drugs.”

He also noted that in spite of the past pronouncements made by The President against EU and US, the president still enjoys huge political capital.

Zuñiga also lauded President Duterte for allowing BSP the independence it always enjoys.

“To the credit of the Presidents and all the presidents before him, they have all respected the independence and autonomy which the Bangko Sentral ng Pilipinas enjoys under the constitution and under our charter. We have not lost our independence.

Before ending his speech, Zuñiga encouraged everyone to support the president’s policies to realize a more robust economy in the future.

“In the domestic sphere, the assumption of the new political administration invites us to give our all-out support and align our vision of writing a new and more prosperous chapter for the Philippines.”   (MAL/LSM-PIA5/Camarines Sur)

- See more at: http://news.pia.gov.ph/article/view/861475050692/phl-remains-with-very-strong-economic-fundamental----bsp-official#sthash.hCyQeyg1.dpuf

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