Rate cuts to help the Philippines achieve 7% growth

Finance chief Recto said he expects a total of 50 to 75 basis points in rate cuts this year. — Bloomberg

MANILA: The Philippine economy can grow as much as 7% this year, aided by interest-rate cuts that support investment and consumption, according to Finance Secretary Ralph Recto, who has brushed aside concerns over political stability.

Recto, in an interview with Bloomberg Television’s Haslinda Amin yesterday, said the country’s political situation remains stable.