philippines to weather us fed plan central banker
Last Updated : GMT 09:26:02
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*

philippines to weather us fed plan central banker philippines to weather us fed plan central banker

 



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*

philippines to weather us fed plan central banker philippines to weather us fed plan central banker

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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