'Economy remains strong despite headwinds'

The Philippine economy remains strong despite challenges such as governance issues and uncertainties from external developments, according to the Department of Economy, Planning and Development (DEPDev).

- By LOUELLA DESIDERIO

“Our sound macroeconomic fundamentals - sustained growth, easing inflation, a healthy labor market, a manageable fiscal deficit and public debt, a broadly stable currency and external position and a robust banking system — continue to anchor our resilience,” DEPDev Secretary Arsenio Balisacan said yesterday.

Despite revelations of corruption issues in flood control projects and global headwinds stemming from uncertain trade policies, he said that the economy continued to expand, although at a slower pace of four percent in the third quarter.

From January to September, average economic growth stood at five percent, below the government's growth target of 5.5 to 6.5 percent for this year.

“Hard-won reforms passed, implemented and sustained over the years have consistently strengthened our ability to weather periods of domestic or external turbulence,” Balisacan said.