Philippines: Robust growth and improving macroeconomic fundamentals

GDP growth has been resilient to external headwinds. Solid monetary policy framework and inflation should remain moderate.

Banking sector continues to improve though weaknesses remain. Recent exchange rate weakening appears

unproblematic and public finances have improved over the past decade. Current account will remain in surplus

thanks to strong inflows of remittances. External debt burden is manageable coupled with ample foreign exchange reserves.