IMF gives Philippine economy upbeat assessment

Tokyo

THE International Monetary Fund (IMF) has given the Philippines a favourable assessment of its medium-term economic condition and prospects.

A visiting IMF mission, which met Governor of the Bangko Sentral ng Pilipinas (BSP) Amando Tetangco and other senior officials and businessmen, pronounced the 6.1 per cent economic growth the country achieved last year as one of the fastest in the region.

The mission said that growth last year had been buoyed by strong household consumption, fixed capital formation and net exports, and that growth should hit 6.7 per cent this year, given lower commodity prices, higher public spending and continued strong private construction and export growth. "While agricultural production and…