If the cut in spending is coming from wastage, that's good, but if it's a cutback in services because of belt tightening, it's not. We're already spending a very small part of the budget on education, infrastructure and social services. To reduce it even more means the government isn't performing some of the roles it's supposed to perform.
More Quotes from Luz Lorenzo:
What the world seemed to miss is that the stock market didn't plunge, the peso didn't collapse and bond yields didn't shoot up. And people here in the Philippines didn't panic.Luz Lorenzo
I see no further central bank tightening this year.
Luz Lorenzo
The transmission mechanism for inflation from political instability is usually through the exchange rate. However, this time around, the peso quickly recovered and I would expect it to remain strong for the rest of the year based on continuing structural economic reforms.
Luz Lorenzo
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