HALISTER1: Philippines Must Be Watchful on Spending Impact to Prices: IMF

Philippines Must Be Watchful on Spending Impact to Prices: IMF

(Bloomberg) -- “The current monetary stance is appropriate and should remain vigilant to the impact of additional fiscal stimulus on inflation,” IMF says in statement issued after annual country review in Manila.
  • Flexible exchange rate regime and strong external position should help cushion economy from external shocks
  • Philippines needs to tighten anti-money laundering legislation and procedures, ease bank secrecy in line with international practice including making tax evasion a predicate crime
  • Downside risks to 2016 growth emanate from external environment including U.K.’s vote to leave European Union
  • Country’s favorable medium-term outlook is subject to downside risks stemming from global environment like lower growth in China and region, tighter global financial conditions
  • Should risks materialize, authorities are well-equipped to respond given country’s strong fundamentals and ample policy space
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Source: BFW (Bloomberg First Word)

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