May 21, 2024

The Insider News

Direct from the source

IMF Mission Members impressed with PH economic performance, pro-poor policies -Romualdez

SPEAKER Ferdinand Martin G. Romualdez on Friday said an International Monetary Fund (IMF) delegation was impressed by the economic performance of the Philippines and government policies meant to ensure sustained economic growth would benefit ordinary Filipinos.

The Speaker met with the IMF Mission Members where he briefed them on the pro-poor reforms being implemented by the administration of President Ferdinand R. Marcos, Jr. to ensure that no one will be left behind in the country’s post-pandemic economic recovery.
The IMF was represented by Mission Chief Jay Peiris; Resident Representative Ragnar Gudmundsson; Senior Economist Yinqiu Lu; and Economist Tristan Hennig.

“From our discussions, I could confidently say that the IMF Mission Members were impressed with the Philippines’ economic performance and the government’s economic agenda. They expressed confidence that the Philippines will continue to grow strongly in the years ahead,” he added.

Speaker Romualdez cited the comment of Mission Chief Peiris who said: “Everything going in the right direction. Philippine economy is solid, though the country should be ready to respond for any shock.”

The Speaker was joined in the meeting by Rep. Stella Quimbo and House Secretary General Reginald Velasco.

IMF keeps a regular policy dialogue with the governments of its member countries. It assesses economic conditions and recommends policies that enable sustainable growth. The IMF also monitors regional and global economic and financial developments.

“I am grateful to the IMF Mission Members for their visit and I look forward to a more insightful and productive collaboration with them in the future,” Speaker Romualdez said.

The meeting between Speaker Romualdez and the IMF delegation came barely a day after the National Economic Development Authority (NEDA) announced a higher-than-expected growth of 6.4 percent in the first quarter of 2023.
According to NEDA Chief, Director General Arsenio Balisacan, the country outperformed Indonesia (5 percent), China (4.5 percent) and Vietnam (3.3 percent).

The Philippine growth rate was also higher than first-quarter expansion forecasts for Malaysia (4.9 percent), India (4.6 percent) and Thailand (2.8 percent).