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News

  • State economic managers cautious on federal system — Pernia State economic managers are lukewarm to implementing federalism in the Philippines since many regions may be ill-prepared to stand on their own feet, the chief socioeconomic planner said. Such a system could wreck the country’s fiscal health, leading to a deterioration in its investment-grade credit rating, and may blunt the infrastructure drive. Socioeconomic Planning Secretary Ernesto Pernia said that President Rodrigo Duterte’s economic team believes not all regions in the Philippines are ready for federal form of government. “Federalism may be good for the economy and for the people but we really have to do our homework first in terms of preparing well for the country to be ready for federalism,” Sec. Pernia said.
  • State spending to sustain GDP growth The Organization for Economic Cooperation and Development (OECD) sees Philippine economic growth sustaining its 2017 growth pace until next year on the back of government spending that will take up the slack from weaker private consumption and export growth. The OECD expects Philippine gross domestic product (GDP) to grow 6.7% this year and in 2019, falling short of the government’s 7-8% targets for these 2 years but still faster than a 5.3% forecast for Southeast Asia. Propelling state spending potentially faster would be front-loaded disbursements ahead of next year’s mid-term national elections.

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