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Despite the administrative shift, 8.3% GDP growth is expected to boost business confidence.

MANILA – The country’s 8.3% GDP growth in the first quarter of the year, according to a Juwai IQI Global economist, is an excellent starting point for the incoming administration to continue its economic plan.

Shan Saeed, the chief economist of Kuala Lumpur-based Juwai IQI Global, told the Philippine News Agency (PNA) that despite the transition in administration, the high GDP growth from January to March this year will keep market confidence afloat.

“This would increase the government’s confidence in its ability to expand the fiscal side of the balance sheet in order to preserve the country’s economic momentum.” “For the next 12 to 17 months, the government’s strategic goal is to maintain macroeconomic stability in order to attract FDI (foreign direct investments) and support the GDP forecast,” he said.

Saeed went on to say that the likely president is expected to continue Duterte’s economic reforms.

“We expect the government to preserve macroeconomic stability and economic confidence for both domestic and international investors,” he said.

The Retail Trade Liberalization Act, the Foreign Investments Act, and the Public Service Act were all signed into law by President Rodrigo Duterte, whose tenure expires in June.

“The administration will continue to implement President Duterte’s economic policies to create macroeconomic stability and encourage investments in vital areas as foreigner laws are relaxed,” Saeed said.

He went on to say that the Bangko Sentral ng Pilipinas’ monetary powers would help support the economy and manage the sharp rise in commodity prices.

“The incoming government is anticipated to keep the country on track and implement economic reforms.” Financial markets and global players are keeping a close eye on the Philippines’ economic prospects as a new government takes the lead in formulating and devising a growth strategy,” Saeed said.

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