The entire episode really damaged fiscal policy credibility in the Philippines.
More Quotes from James McCormack:
Those sovereigns in the midst of political turmoil also have the weakest growth rates in emerging Asia, and further downward revisions to the growth forecast may be necessary.James McCormack
Notwithstanding ongoing regional integration with China, growth in Asia remains highly leveraged to external demand, and particularly the US consumer, whom we believe to be overstretched.
James McCormack
These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue.
James McCormack
We would like public finance and development issues to be addressed by authorities, including an improvement in per capita income, before we can consider China for a ratings review and a possible upgrade.
James McCormack
If the political turmoil continues, we may need to revise growth rates in countries like Thailand.
James McCormack
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves.
James McCormack
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