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PIA Press Release

RP economy on solid footing, BSP tells Iloilo forum

by T. Villavert

Iloilo City (19 November) -- The country's economy is on a solid footing, according to Ms. Amy Doreen S. Cruz of the Banko Sentral ng Pilipinas' Department of Economic Research during a forum held in Iloilo City last week.

In her audiovisual presentation and discussion held at the West Visayas State University, this City, Cruz said that there are still challenges ahead because "there is a lot of volatility in the international market, and we are not immune to the global economic slowdown".

She said that the situation could impact on the Philippine economy. However, she said, the Bangko Sentral ng Pilipinas has undergone a lot of structural reforms, specially in the financial sector.

"Those reforms covered capital build up of banks, as well as enhanced risk management practices," Cruz said.

She told the participants to the Public Information Campaign on the Role of the BSP in the Philippine Economy that the country's resilience to the economic slowdown is attributed to the country's solid macro-economic fundamentals; stable external payments position; dividends from structural reform, including financial sector reforms; and better information disclosure.

She said that the BSP's policy thrusts, among others are: to nurture a sound monitoring policy environment responsive to changes in economic conditions; support external sector policies that will help insulate the economy against global risk; and to maintain a strong banking system and vibrant capital market.

She also said that the total assets of the entire banking system as of August 2008 was recorded at P5.4 trillion. (PIA 6) [top]

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