The local economy is on a roll amid the record-breaking rally of the stock market, Malacañang said Sunday.
Presidential Spokesman Harry Roque has lauded the robust performance of the stock market that reflected high business confidence in the economy.
“Investor and market confidence under the leadership of President Rodrigo RoaDuterte continues to grow as evidenced by the Philippine Stock Exchange breaching the 9,000th mark, a first in our history, closing at a new all-time high of 9,041.20 in last Friday’s trading,” Roque said during a press conference in Iloilo City last Sunday.
“Our economy is indeed on a roll,” he added.
New tax reform law
Buoyed by the stock market rally, Roque said the government expects to reach growth target for 2018 with the implementation of the new tax reform law.
He said the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) Act is expected to bankroll the government’s massive infrastructure program that would “spur development and generate livelihood opportunities for our people.”
“Together, let us seize the momentum and build a nation founded on sustained, inclusive and robust growth,” Roque said.
The Philippine Stock Exchange index (PSEi) made another milestone when it breached the 9,000 barrier last Friday amid expectations of bright economic prospects. The local bourse has reportedly attained eight record highs since the start of the year.
Bright economic outlook
Meanwhile, Roque welcomed the bright economic outlook given by Moody’s Investors Service and renewed the government’s resolve to sustain investor confidence and promote inclusive economic growth.
“We are pleased to report that debt watcher Moody’s Investors Service considers the Philippines as a standout among the ASEAN (Association of Southeast Asian) economies in 2018,” Roque said during a press conference in Iloilo City last Sunday.
“We assure everyone that the government will continue to keep this high level of optimism in our markets as we push for greater sustained and inclusive economic growth,” he added.
Moody’s, in a report, said the Philippines and Vietnam would be “standout” economies in Southeast Asia. The credit rating agency said they expect the strong growth to be sustained driven largely by the private sector.
“We expect remittances from overseas Filipinos to benefit from the ongoing recovery and stabilization in growth in the US and Asia, balancing out some of the weakness from parts of the Middle East,” Moody’s said.
In its positive forecast for the country, Roque said Moody’s also cited increasing trade and domestic demand, stable credit conditions, and improved execution of government spending.