“large” financial buffer to stimulate the economy in case of a fallout from the coronavirus outbreak, a Palace official assured the public Thursday.Cabinet Secretary Karlo Nograles said the country remains in a “very good final and monetary position” based on a Department of Finance report in a recent Cabinet meeting.
“The country had a large buffer to stimulate the economy in case of a slowdown, and the target GDP growth of up to 6.5 percent for 2020 remains unchanged,” Nograles said. Also, Nograles said the government is looking into contingency measures to cushion the impact of the coronavirus outbreak on the local economy. He noted that all options are being explored to strengthen trade, tourism, and employment.
At present, Nograles said the government is encouraged by the country’s “steady” employment rate as well as “resilient” manufacturing sector.
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