IMF raised PHL growth forecast to 6 percent — Malacañang

The International Monetary Fund (IMF) raised its economic growth forecast for the Philippines to 6 percent this year from and earlier projection of 4.8 percent, Presidential Communications Development and Strategic Planning Office Secretary Ricky Carandang said Friday.

 

This was relayed to President Benigno Aquino III by IMF managing director Christine Lagarde during their meeting on the sidelines of the World Economic Forum Annual Meeting in Davos, Switzerland, Carandang noted.

 

Aquino, in their 40-minute meeting Friday (Manila time), thanked the IMF official for her confidence in the Philippines, the Palace official noted.

 

“It was basically a courtesy call; they exchanged pleasantries. Ms. Lagarde informed the President that the IMF had upgraded the growth projections for the Philippines,” Carandang said.

 

“They (IMF) said that based on their analysis, things were looking very positive for the Philippines, and that they were confident that the growth targets could be attained, given the momentum that we‘ve had,” he added.

 

Carandang said Aquino shared with the IMF chief Philippine efforts to bring about growth through wise spending of government expenditures and leveling the playing field to encourage more investors.

 

He added the President also commended the IMF chief. “Ms. Lagarde has a tough job because it is her job to convince world leaders to make difficult choices. He commended her for being able to do that in such an effective way,” Carandang said.

 

With Aquino in the meeting with Lagarde were Foreign Affairs Secretary Albert del Rosario, Budget Secretary Florencio Abad, Finance Secretary Cesar Purisima, Trade Secretary Gregory Domingo, Cabinet Secretary Rene Almendras, and National Economic and Development Authority director general Arsenio Balisacan. — Amita Legaspi/VS, GMA News