Finance Secretary Benjamin Diokno said over the weekend the Philippines will remain one of the most resilient economies in the
region despite the global outlook downgrades expected by the World Bank and the Asian Development Bank.
Diokno said the slowdown in China could affect many countries, especially if they depended more on the world’s second-largest economy. He said that in comparison, the Philippines’ growth was mostly domestic demand driven in the past several years. Economists from First Metro Investment Corp. and University of Asia and the Pacific said in a joint report the Philippine economy might miss the growth target this year amid global headwinds.
They said the services sector should see domestic and foreign tourism drive trade, transportation and storage, accommodations and food services in September.
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