CAPITAL REGION. The Metro Manila skyline. Photo by Alecs Ongcal/Rappler
"JCR holds that a downturn will be limited given the country's strengthened economic base, resilient external position, and the government's economic stimulus package totaling more than 9% of GDP ," it said., with the budget deficit widening due to revenue shortfalls and massive borrowings.
"While we have temporarily veered our attention away from the 'Road to A' agenda because our focus at the moment is on saving lives, jobs, and livelihoods, we welcome positive assessments from international observers like JCR. We hope this helps to uplift the Filipino spirit at this trying time and to inspire us to work harder together to emerge stronger after the pandemic," Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.
"The Philippines had continued to strengthen its macroeconomic fundamentals prior to the COVID-19 pandemic. As a result, we have sufficient fiscal space and economic resiliency to address the pandemic. We are currently working with Congress to enact a recovery program," Chua said.
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