Arab Today, arab today philippines to weather us fed plan central banker
Last Updated : GMT 07:53:53
Arab Today, arab today
Arab Today, arab today

Philippines to weather US Fed plan: central banker

Arab Today, arab today

Arab Today, arab today Philippines to weather US Fed plan: central banker

Manila - AFP

The Philippines should weather the unwinding of the US Federal Reserve\'s stimulus programme, a central bank official said Friday, as market jitters saw the peso plunge to a 19-month low. Central bank deputy governor Diwa Guinigundo said emerging market turmoil this week, which also saw Philippine stock prices plunging steeply on Thursday, were not backed by economic fundamentals. \"This is something that is driven more by market sentiment rather than the fundamentals of the macroeconomy of the emerging markets,\" he told AFP in a telephone interview. \"We should be concerned, but we should not be alarmed,\" he added. \"In the Philippines, we have strong macroeconomic fundamentals.\" Guinigundo acknowledged what he described as \"some volatility\" in the foreign exchange and equities markets, leading to the peso closing at 44.26 to the dollar after falling to 44.31 earlier Friday. That was its lowest level since it hit 44.34 on January 9, 2012. The week saw the Indian rupee slump to an all-time low against the dollar, while Indonesia\'s rupiah is sitting around four-year lows and the baht at a more than one year low. Among stock markets, Jakarta fell almost nine percent in the four days ending Thursday, while Bangkok was down 6.5 percent over the same period. Manila slid 5.96 percent on Thursday, before rising 0.40 percent higher Friday. Guinigundo said the Philippines recorded more than $2 billion in net foreign portfolio investments between January and mid-August, with net inflows also recovered between July and mid-August after some outflows in March. \"What we are seeing is something that comes out when there is so much volatility and uncertainty in the market but which is not necessarily consistent with our macroeconomic fundamentals and the actual flows of capital,\" he stated. Guinigundo said he disagreed with suspicions that the Philippines had over-borrowed and could be at risk with rising interest rates and the exchange rates going south. \"We do not subscribe to that. Our domestic credit-to-GDP (gross domestic product) ratio is 50 percent compared to other Asian countries which is more than 100 percent.\" Foreign debt was at 25-26 percent of GDP in the first three months of the year, down from 68 percent a decade ago, he said. Most loans have long-term maturities of about 20 years, he added. \"Credit is growing in emerging markets because economic activities are very resilient and robust,\" he said, adding that when the economy is growing, \"you see that credit is growing. That does not lead to greater vulnerability\".  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today philippines to weather us fed plan central banker Arab Today, arab today philippines to weather us fed plan central banker

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today philippines to weather us fed plan central banker Arab Today, arab today philippines to weather us fed plan central banker

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday