In short, ladies and gentlemen, the Philippines is not immune to risks but our view is that these risks right now are manageable. The balance – short vs. long-term dynamics On balance, the Philippines continues to forge an economic growth story that puts emphasis not only on strength but also on long-term stability and resilience.
Considerable uncertainty is now surrounding US monoline insurers, and this may have negative implications for the municipal bond market and other more complex instruments protected by monoline insurance. In addition, I would like to emphasise that the global economic outlook is very uncertain. It may be adversely affected by the financial market problems.