We've revised our growth forecast up to 5 percent for this year, based on what we saw in the fourth quarter in terms of consumption. The strength of consumption surprised us somewhat in how robust it was.
More Quotes from James McCormack:
They do a pretty good job of getting people in who are quite capable. They have a deep bench.James McCormack
So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed.
James McCormack
The fruit of previous investment is being reflected in the slower import figures, and that's good for medium-term growth.
James McCormack
We are still comfortable. In a BB range, we do have some tolerance for political noise.
James McCormack
These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue.
James McCormack
The entire episode really damaged fiscal policy credibility in the Philippines.
James McCormack
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