PH growth to exceed 7 pct in 2013, 2014
LONDON- Philippine growth is likely to exceed 7 percent both this year and next, and the country has the resources to withstand global volatility resulting from U.S. debt ceiling negotiations, the country's deputy central bank governor said on Wednesday.
"We can do better than 7 percent growth this year," deputy central bank governor Diwa Guinigundo told Reuters on the sidelines of a Philippines investment conference.
"Next year, growth is likely to be 7-8 percent."
Philippine economic growth probably stayed above 7 percent in the third quarter, making it likely this year's full-year growth target of 6-7 percent will be surpassed, economic planning Secretary Arsenio Balisacan said this week.
The problems of the U.S. government shutdown and the deadlock in negotiations to raise the U.S. debt ceiling meant that "risk aversion could set in train, global volatility could be amplified," Guinigundo said.
"Should volatility continue to increase, I believe we have the buffers to ride it out," he added, pointing to the country's healthy foreign exchange reserves position and low debt to GDP ratio.