The International Monetary Fund relayed to the country’s economic managers its “very optimistic” growth outlook on the Philippines owing to the economy’s continued “impressive” performance, according to the Finance Department.
Luis Breuer, the chief of the IMF mission to the Philippines, also cited “the clear vision” of the Duterte administration’s economic team and commended the government’s plan to initiate a comprehensive tax reform program which the IMF saw as a vital component to sustain the country’s growth momentum.
“The Philippine economy is quite impressive. It is one of the most dynamic economies in the world,” Breuer said in his meeting with Finance Secretary Carlos Dominguez III and the other members of President Duterte’s economic team.
Breuer said that Asia is the engine of growth of the world economy, where the Philippines “stands out.”
The IMF, in its World Economic Outlook released in April, said the Philippines’ GDP would expand 6.8 percent this year and 6.9 percent in 2018.
Breuer said the IMF mission sought a meeting with the economic managers to discuss the Philippine government’s priorities and the challenges that the country was expected to meet in the face of global uncertainties.
“We are here to assess the Philippine economy and I would appreciate hearing your views on the economy and your priorities,” Breuer told Dominguez and the other economic managers.
Breuer also reiterated the IMF’s support to the Duterte administration’s CTRP and offered the institution’s assistance in implementing the government’s initiatives on tax reform.
“Over all, we have a very positive impression of the Philippines,” said Breuer, adding that “we would like to support the initiatives you have in your tax reform [program].”