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PIA Press Release
2006/10/13

IMF urges Philippines to stay course on reforms

WASHINGTON (13 October) -- The International Monetary Fund on Thursday urged the Philippines to stay its course on economic reforms and lower its still-high public debt to bolster confidence and insure against volatility.

In its mid-year assessment of the Philippine economy, the IMF said under current policies, economic growth is likely to increase to 5.5 percent in 2007 from an expected 5.0 percent this year. Growth could be higher, the IMF added, if public debt was lowered further, which would boost investor confidence and investment.

"(IMF) directors encouraged the authorities to sustain fiscal consolidation and other reform efforts to ensure debt sustainability, maintain the confidence of markets, and spur investment and the rate of growth," the fund added. (PIA) [top]

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