Palace unfazed by US Fed’s interest rate hike

Malacanang on Thursday allayed fears about possible effect of the US Federal Reserve interest rate hike to the Philippines' economy.

Presidential Communications Office (PCO) Secretary Martin Andanar said the US interest rate hike has long been anticipated by the economic managers of President Rodrigo Duterte.

"The Duterte administration's economic managers are confident that the domestic economy can withstand any external shock as our economic fundamental remain strong," Andanar said in a press statement.

The Federal Reserve officials approved on Wednesday the first interest rate hike in a year and expected to raise more in 2017.

Andanar said the business community remains upbeat on the country's growth prospects in the coming years.

"The Duterte administration's commitment to an aggressive economic development program will usher the country to the golden age of infrastructure," Andanar said.

"This will further insulate our industries from the vagaries of global economic environment," he added.

Recently, the government announced the approval of seven major infrastructure projects worth PHP270 billion to improve the country's road networks that will benefit agriculture and tourism sectors.

Accelerated infrastructure program is one of the 10-point socio-economic agenda of the Duturte administration.

Others include: tax reform program; increase competitiveness and ease of doing business; promote rural and value chain development; ensure security of land tenure to encourage investments; investment in human capital; promote science, technology and arts; improve social protection programs; and strong responsible parenthood.

Source: Philippines News Agency