MANILA, Dec. 15 (Xinhua) -- The Philippine government downplayed the impact of the latest United States Federal Reserve rate hike, confident that its economy is strong enough to withstand any external shocks.
Philippine presidential communications secretary Martin Andanar said the US rate hike had long been anticipated and President Duterte's economic managers are confident about the strong fiscal standing of the Philippines.
"The Duterte administration's economic managers are confident that the domestic economy can withstand any external shocks as our economic fundamentals remain strong. More so, the business community stays upbeat on the country's growth prospects in the years ahead," Andnar said.
The US has raised its interest rates by 0.25 percent and is eyeing three more rate hikes in 2017.
He added that the Duterte government has committed to pursue an aggressive economic development program that will usher the country to the golden age of infrastructure which would further boost the country's fiscal stability.
"This will further insulate our industries from the vagaries of the global economic environment," he said.
The Duterte government is pursuing an 8 trillion pesos (160.64 billion U.S. dollars) infrastructure development programs for the next five years that would start next year and would focus on increasing mobility and connectivity in the country, generate more jobs and eventually promote progress and inclusive growth.
