The Philippine government’s effective policy response, the country’s strong financial sector and strong external liquidity helped cushion the country’s economy against the worst effects of the global economic downturn, according to an International Monetary Fund mission that recently visited the country.

    “The near-term outlook is favorable and the staff team expects growth to average 7 percent in 2010 and 5 percent in 2011. Inflation is expected to remain within the target range this year and next, and the balance of payments to stay in surplus,” said Vivek Arora, head of the IMF mission team.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.