PH economy ‘extremely resilient’ in 2019: ECCP

ECONOMY. European Chamber of Commerce of the Philippines President Nabil Francis (left) and Delegation of the European Union to the Philippines Chargé d’ Affaires Thomas Wiersing during a press conference at the Dusit Thani Hotel in Makati City on Thursday (Jan. 23, 2020). Francis said the Philippine economy was “extremely resilient” in 2019 amid external factors and challenges in the domestic environment. (PNA photo by Kris Crismundo)

MANILA — European Chamber of Commerce of the Philippines (ECCP) President Nabil Francis said the Philippine economy has become “extremely resilient” in 2019 amid external factors and challenges in the domestic environment.

Francis made the statement in a press conference in Makati City Thursday, following the Philippine Statistics Authority report on the gross domestic product (GDP) growth for 2019, which settled at 5.9 percent, below the government’s target and the lowest level in eight years.

“Looking at the external environment, I think the external environment was quite challenging in 2019 because of the factors that were not emanating from the Philippines but has been impacting our economy,” he said.

Francis cited the United States-China trade friction, the Brexit, and the softening of the Chinese economy as major factors affecting the global economy last year.

With the challenging global economy on the backdrop, local factors have affected the economic performance of the country last year, particularly the delay in passing the 2019 national budget that slowed down the roll out of public spending on infrastructure projects, he said.

But the Philippine economy was able to withstand these external and internal challenges, and grew at 5.9 percent, which is still one of the fastest in the region, Francis said.

“The economy of the Philippines is extremely resilient in 2019,” he added.

Francis remained optimistic with the economic growth this year, with the timely enactment of the 2020 national budget, a BBB+ credit rating for the Philippines, and a strong growth in consumption driven by remittances.

He said the Philippine government should keep a close watch on the country’s trade balance and attracting more foreign direct investments.

“We should promote the Philippines and make sure that the Philippines is a magnet for foreign investors,” he added.