I would also like to emphasize that in view of the country’s strong external payments position, the Philippines has become a creditor to the IMF since 2010 from being a chronic debtor.
Strong macroeconomic fundamentals – robust economic growth, manageable inflation, healthy external accounts, and a stable banking system – these are the fruits of the sound economic management and purposeful reforms implemented in the past. Given this very positive backdrop, continuity is not only wise but necessary.