An economist of Juwai IQI Global has seen the country’s 8.3-percent gross domestic product (GDP) growth in the first quarter of the year as a good launch pad for the next administration to pursue its economic agenda.
The chief economist of the Kuala Lumpur-based Juwai IQI Global, Shan Saeed, told the Philippine News Agency (PNA) that the strong GDP growth from January to March this year would keep market confidence afloat despite a transition in administration.
“This would bolster the confidence of the government to expand the fiscal side of the balance sheet to maintain economic momentum in the country. Government strategic intent would be for the next 12 to 17 months to have macroeconomic stability to attract FDI (foreign direct investments) and buttress the GDP outlook,” he said.
Saeed added that the presumptive president is expected to continue the economic reforms of the Duterte administration.
“We at IQI Global expect the government to maintain macroeconomic stability and to have economic confidence for local and global investors,” he said.
President Rodrigo Duterte, whose term ends in June, has enacted into law three major economic reforms – the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act.
“The government will continue to follow the economic policies of President Duterte to achieve macroeconomic stability and to attract investments in key areas as the laws are relaxed for foreigners,” Saeed said.
He added that the monetary tools of the Bangko Sentral ng Pilipinas would also support the growth outlook and manage the rapid increase in commodity prices.
“The next government is expected to maintain the progress and to have economic reforms in the country. Financial markets and global players are watching the Philippines’ economic outlook with great interest as a new government takes the lead in shaping and in devising a strategy for the growth landscape,” Saeed said.
Source: Philippines News Agency