Economy weathers 'political noise,' terror threat: finance chief

ABS-CBN News

Posted at Oct 16 2017 01:51 PM

Secretary of Finance Carlos Dominguez delivers his remarks at the Banyan Tree Leadership Forum held at the Center for Strategic and International Studies (CSIS) in Washington, DC on 13 October 2017.

MANILA - The Philippine economy is growing as expected, notwithstanding political noise and terrorism in a southern city, Finance Secretary Carlos Dominguez told businessmen in the US.

In excerpts of a speech in Washington DC released on Monday by the Philippine embassy there, Dominguez said the economy has assumed the role of a regional growth driver.

"Philippine economy is delivering the performance we anticipated, notwithstanding the political noise and a significant terrorist event in Mindanao," Dominguez said told the Banyan Tree Leadership Forum of the Center for Strategic and International Studies on Oct. 13.

The military said Monday 2 leaders of the siege on Marawi City, Isnilon Hapilon and Omar Maute, have been killed, signalling that the nearly 5-month-long conflict was about the end.

President Rodrigo Duterte is moving the economy in the "right direction," Dominguez told the audience.

"We will continue to rely on your support in this grand effort to reduce poverty, build strong institutions and properly care for the most vulnerable among our people," he said.

Duterte's economic team is in the US to promote the Philippines as in investment destination and brief the business community on government's efforts to reform the tax system and rebuild the country's infrastructure.

"Investment-led growth will also make our domestic economy more inclusive and create quality jobs for our people. This will help bring down poverty incidence," Dominguez said in his speech.

Domnguez said Duterte's economic team hoped to bring down poverty incidence to 14 percent by the end of his term in 2022 from the current 22 percent.