MANILA, Oct. 1 (Xinhua) -- The Philippine government said on Monday that it remains bullish about the Philippines' economic prospects despite the downward adjustments in the growth outlook from the Asian Development Bank (ADB) and Fitch Solutions, Inc.
ADB announced last week that it is cutting its Philippine growth forecast to 6.4 percent from 6.8 percent for full-year 2018.
ADB's revision comes after Fitch Solutions, a member of the Fitch Group, last month recast its 2018 growth outlook for the Philippines down to 6.3 percent from 6.5 percent.
"We understand the concerns of ADB and Fitch, but we remain confident about the strength and stability of the country's macroeconomic fundamentals," Philippine Socioeconomic Secretary Ernesto Pernia said.
Pernia, head of the National Economic and Development Authority (NEDA), insisted that the Philippine economy is strong and can withstand external shocks.
"Our economy has been strong, growing by an average of 6.4 percent in the last eight years. This is the fastest since the mid-1970s," Pernia added.
Pernia attributed the growth in the past years since 2010 to robust domestic demand, rising contribution of investments and the industry sector, and high growth in total factor productivity.
For the first half of this year, the Philippine economy grew by 6.3 percent.
While this is slower compared to that of last year, Pernia said the Philippines has strong enough macroeconomic fundamentals to weather external risks.
Moreover, Pernia pointed out that the government will continue to push for necessary policy reforms and faster implementation of its infrastructure program.
