BSP: Economy to stay resilient

The Philippines' domestic-oriented economy is expected to shield the country from the full impact of global slowdowns, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Zeno Ronald R. Abenoja said.

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Speaking at the BSP-Asian Development Bank (ADB) Association of Southeast Asian Nations (ASEAN) Economic Outlook webinar on Tuesday, Nov. 4, Abenoja highlighted that the central bank is closely monitoring global developments, including shifts in United States (US) trade policies and tariffs that could affect the Philippine economy.

On trade itself, Abenoja said, "Here the main impact will be on the slowdown in overall growth, and how that will affect the trade in goods sector."

Abenoja stressed that the Philippines is characterized as a relatively domestic-oriented economy compared to others in the region, emphasizing that the country's combined exports and imports account for less than 50 percent of the economy.

He also pointed out that the Philippines' trade partners, particularly on the export side, are more diversified, noting that the BSP currently believes the impact of global slowdowns through this channel is "very limited."