The Department of Finance (DOF) assured that the country’s economic fundamentals are robust enough to weather any unforeseen developments in the United States.
With a strong foundation in place, Finance Secretary Ralph G. Recto said the Philippines is well-equipped to navigate any potential economic challenges that may arise.
Recent concerns have arisen following the increase in US consumer prices in March, raising worries about a potential resurgence of inflation in the world's leading economy.
That scenario could lead to a further appreciation of the US dollar and potential upward adjustments to the policy rates of the US Federal Reserve.
Last week, the peso slipped against the US dollar, reaching a fresh 17-month low closing at 57.78 against the greenback.
To address the potential impact of elevated market rates, the DOF may take a proactive stance by utilizing official development assistance (ODA).
Recto said that Manila maintains strong relationships with its development partners, including the Asian Development Bank and the World Bank.
“Our relationship with development partners is very strong,” the finance chief assured.
Previously, economic managers revised the gross domestic product target for 2024 to 6.0 percent to 7.0 percent from the previous range of 6.5 percent to 7.5 percent.
If achieved, this target would signal higher economic growth this year compared to the 5.6 percent recorded in 2023.
“I expect the economy to grow better this year than last year,” Recto said.