MANILA (Xinhua) -- The Philippine economy is expected to continue growing
next year despite warnings by some international organizations to prepare for the
worst amid the economic woes in Europe, a senior government official said on
Wednesday.
Presidential Spokesman Edwin Lacierda said that the country's fiscal situation
right low is prudent and it managed to avoid pitfalls that other economies have
experienced.
"Our banks have been very prudent in their practices. Our government has not
piled on debts. We have been very prudent in our fiscal situation so we believe
hat domestically we are in a good situation," he said.
The Philippine economy grew 3.2 percent in the third quarter of this year,
lower than the 4.5 percent to 5.5 percent growth target for this year.
But Lacierda said that with the expected passage of the 1.82- trillion-peso
(41.5 billion U.S. dollars) budget for next year, infrastructure spending is expected
to increase.
He said that other public-private partnership projects will be bidded out in 2012.
International organizations, specifically the Organisation for Economic
Cooperation and Development (OECD), have urged policy- makers around the
world to prepare for the worst because of the economic problem in Europe.
No comments:
Post a Comment