The country of Philippines is set to benefit from the G20’s plan to enable economic growth. In a statement issued by the Group of 20 finance ministers and central bank governors, Amando M. Tetangco Jr. – the BSP Governor – said that there were no specific steps mentioned, but the G20’s commitment to pursue growth will be positive for the country.
Tetangco said, “As they say, the tide should lift all boats. In the meantime, it is imperative that we keep our own house in order”. He went on to say that the country must continue to focus on increasing productivity, improving the environment of investment, as well as spending on appropriate infrastructure. The G20 consists of some of the biggest economies in the world, including Germany, US, United Kingdom, China and Japan.
Earlier this week, the group mentioned some good prospects for the global economy as growth in the United States, Japan and the UK get traction, in addition to continued expansion in China, as well as emerging market economies. Tetangco went on to say that for BSP, they will continue to focus on price stability so that growth is able to happen in a low and stable inflation environment.
In 2013, the economy of Philippines expanded by 7.2 percent, which resulted in a good inflation figure of three percent.
Photo Credits: Philembassy