MANILA - The Philippines has maintained its strong economic fundamentals despite the “shock” caused by the COVID-19 pandemic, a senior economist with the World Bank said on Wednesday.
Economist Rong Qian said the Philippines has very low external debt, very high international reserves as well as an accommodating and responsive monetary policy and flexible exchange rate.
“This is a health pandemic, there is nothing affecting the Philippine fundamentals so investors shouldn't believe that, because of this shock, the macro fundamentals of the country will be weakened,” the World Bank economist said in an interview on ANC. The World Bank reduced its forecast for the Philippines by 8 percentage points this year, with the economy seen posting a -1.9 percent growth from an earlier forecast of 6.1 percent.While the outbreak appears to have largely subsided in China, Malaysia, and Vietnam, it has not yet peaked in the Philippines and Indonesia, the World Bank said in a paper released this month.
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