IMF team sets visit to PH

Posted at 02/20/14 7:22 AM

MANILA, Philippines - A team from the International Monetary Fund is set to visit the Philippines next month to conduct its annual evaluation of the country’s economy.

IMF Resident Representative Shanaka Jayanath Peiris told reporters the review will take place on March 10 to 12.

The IMF conducts annual Article IV Consultations on its member countries to discern any weaknesses that could prompt financial and economic instability.

“There will be a focus on (typhoon) Yolanda but more on forward looking efforts for reconstruction, mainly on (the) execution,” Peiris said.

“Also plans for the future such as better resiliency against typhoons,” he added.

Peiris said the annual review will also tackle key risks in emerging markets such as the US Federal Reserve’s reduction in its monthly asset purchases.

Moreover, the IMF economists will consider any updates on the Philippine development plan, how the country’s external account is faring, and efforts on making growth inclusive.

The IMF expects the Philippine economy to grow by 6.3 percent this year, slower than the 7.2 percent achieved in 2013.

Peiris said reconstruction and rehabilitation efforts following natural calamities that hit the country late last year will provide a boost to the economy if implemented well.

The government in December said the government plans to spend P360.8 billion over three years for rebuilding efforts following Typhoon Yolanda.

Meanwhile, the IMF expects the Philippine economy to grow by 6.6 percent next year, slower than the government’s seven to eight percent target.