Manila, Philippines - The Philippine economic team has concluded a roadshow in Singapore where it provided investors an update on the fiscal and macroeconomic situation in the country.
The team, led by Finance Secretary Cesar Purisima and National Treasurer Roberto Tan, also trumpeted the milestones of the Aquino administration in its good governance and economic reform platforms.
For one, the economic team outlined the 11.6 percent year-on-year growth in revenues in the first six months of the year amounting to P760.9 billion.
It also noted the country’s hefty foreign exchange reserves, which stood at P760.9 billion as of end-July.
Furthermore, the team reported that cash remittances by overseas Filipinos reached $10.1 billion in the January to June period.
The non-deal roadshow in Singapore also highlighted the strong 6.4 percent growth of the economy in the first quarter of the year, which surpassed expectations and the year-ago performance of 4.9 percent.
“Despite the debt crisis in Europe, economic slowdown in China, and weak consumption in the US, the Philippines is structurally well positioned to sustain its growth,” the Department of Finance said.
Purisima said during the roadshow that the recent positive credit rating actions given by global credit rating agencies to the Philippines give the Aquino administration more confidence to continue its toward macroeconomic stability, fiscal sustainability and inclusive economic growth.
The finance chief said the Philippines deserves an investment grade status on the back of efforts to fight corruption, plug the budget deficit and boost infrastructure investments.
The Philippines has a budget deficit ceiling of P279 billion or 2.6 percent of gross domestic product (GDP) this year.
Other members of the Philippine delegation included Assistant Governor Cyd Tuaño-Amador of the Bangko Sentral ng Pilipinas and executive director Claro Fernandez of the BSP’s Investor Relations Office.