{"id":96373,"date":"2017-04-01T23:28:05","date_gmt":"2017-04-02T03:28:05","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=96373"},"modified":"2025-01-08T02:24:35","modified_gmt":"2025-01-08T07:24:35","slug":"tetangco-says-brexit-still-has-limited-impact-on-phl","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/04\/01\/tetangco-says-brexit-still-has-limited-impact-on-phl\/","title":{"rendered":"Tetangco says Brexit still has limited impact on PHL"},"content":{"rendered":"
\"Tetangco<\/a>
Tetangco said this latest development has thus far not resulted any \u201cpalpable impact because I think the markets are also waiting for how this will going to move forward.\u201d (Photo: Bangko Sentral ng Pilipinas<\/a>)<\/figcaption><\/figure>\n

MANILA\u2013Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. continues to see limited impact on the Philippine economy of the United Kingdom\u2019s exit from the European Union (EU).<\/p>\n

This even after UK trigged this week the Article 50 of the Lisbon Treaty, marking the start of the legal process of Britain\u2019s exit from EU which is expected to be finished in two years.<\/p>\n

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<\/p>\n

Tetangco said this latest development has thus far not resulted any \u201cpalpable impact because I think the markets are also waiting for how this will going to move forward.\u201d<\/p>\n

\u201cBut one thing that was mentioned by an EU official was that the UK is leaving the Union but not Europe. So I think that\u2019s very significant because it means that they will continue to develop economic relations with the other European countries but not under the framework of the Union,\u201d he said.<\/p>\n

The central bank chief said that if UK is able to successfully continue its economic tie-up with other European countries outside of the EU framework \u201cthen that would be positive for the market.<\/p>\n

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\u201d<\/p>\n

\u201cBut it is going to take a little while because they still have to negotiate and see how they can execute the decision of the British people,\u201d he said.<\/p>\n

Tetangco explained that \u201cduring this period there might be questions that might be asked and therefore we may see some market reaction in terms of, probably, some volatility.<\/p>\n

\u201cBut in our case the impact is not expected to be significant,\u201d he said citing that investment transactions of the Philippines with UK is very small, with exports to UK at less than one percent of total.<\/p>\n

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<\/p>\n

The central bank chief cited that although remittances from the UK are \u201cquite significant\u201d \u201cwe have very knowledgeable, skilled Filipino workers who are always in demand.\u201d<\/p>\n

He, however, stressed that monetary officials will continue to monitor developments on this particular issue.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2013Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. continues to see limited impact on the Philippine economy of …<\/p>\n","protected":false},"author":33,"featured_media":96374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,16,95],"tags":[11318,343],"class_list":["post-96373","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","category-news-ph","tag-brexit","tag-philippines","mauthors-joann-s-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/96373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=96373"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/96373\/revisions"}],"predecessor-version":[{"id":280600,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/96373\/revisions\/280600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/96374"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=96373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=96373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=96373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}