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By APD writerMelo M. Acuña
MANILA, Jan. 8 (APD) – Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said there is no cause for alarm with what’s going on in the Middle East.
Speaking before the Tuesday Breakfast Club, Governor Diokno said the economic performance last year was “a very good year” as international institutions like the World Bank, International Monetary Fund and Asian Development Bank has considered the Philippines as one of the fastest growing countries in the region.
“The outlook has been shared by other credit rating agencies,” Governor Diokno added. He explained inflation was within the government-set target.
The former Department of Budget and Management Secretary assumed the unfinished term of BSP Governor with the passing of then-Governor Nestor Espenilla, Jr.
Asked about the possible impact on the economy of the current conflict in the Middle East, Governor Diokno called on his audience, mostly media practitioners “not to be alarmists” as the government is prepared to intervene should petroleum prices rise to US$90 to a barrel.
He explained the Dubai crude is well within the US$60-70 per barrel.
Requested to share his views on the possible impact of the conflict in foreign remittances. Governor Diokno said the biggest chunk of remittances come from the United States of America and Saudi Arabia “rather than those sent from Iran and Iraq.”
He said he foresees remittances to remain vibrant despite some conflicts in various parts of the world. Last year, foreign remittances amounted to over US$31 billion.
(Cover: Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, Jr. said there's no reason for Filipinos to be worried about the events in the Middle East. He added the government will intervene should petroleum prices reach US$90 a barrel. /Melo M. Acuna)
(ASIA PACIFIC DAILY)
