IMF chief meets with Aquino in Davos

MANILA, Philippines - International Monetary Fund Managing Director Christine Lagarde said the multilateral lender expects the Philippines to grow "faster than they initially expected" in a meeting with President Benigno Aquino III at the sidelines of the ongoing World Economic Forum in Davos, Switzerland.

The president met with Lagarde for 40 minutes on Thursday night (Swiss time) and thanked her for IMF's confidence in the Philippine economy, Presidential Communications Development and Strategic Planning Office Secretary Ramon Carandang said.

“It was basically a courtesy call; they exchanged pleasantries. Ms. Lagarde informed the president that the IMF had upgraded the growth projections for the Philippines,” Carandang said.

IMF revised upward its 2013 growth forecast for the Philippine economy from 4.8 percent to 6 percent.

“They (IMF) said that based on their analysis, things were looking very positive for the Philippines, and that they were confident the growth targets could be attained, given the momentum that we‘ve had,” Carandang added.

He said the president talked about the government's effort to promote growth through wise spending and encouraging more investors.

Carandang added that the president commended Lagarde's handling of the IMF.

“Ms. Lagarde has a tough job because it is her job to convince world leaders to make difficult choices. He commended her for being able to do that in such an effective way,” he said.

Also present in the meeting were Foreign Secretary Albert del Rosario, Budget Secretary Butch Abad, Finance Secretary Cesar Purisima, Trade Secretary Gregory Domingo, Secretary to the Cabinet Rene Almendras and Socioeconomic Planning Secretary Arsenio Balisacan.