Jul 10
30
World Bank: Improving Finances in the Philippines to Soften Impact of European Debt Problems
The World Bank believes that public finances are improving in the Philippines. This domestic growth will help shelter the Philippines from the negative impact of looming economic problems in the European market.
MANILA, JULY 14, 2010–The European sovereign debt problems loom as a fresh threat to the global economic recovery but improving the Philippines’ public finances will strengthen the country’s economic defenses against its potential impact as well as improve government spending for pro-poor programs.
This is one of the main messages of the Philippines Quarterly Update (PQU) released by the World Bank.
Early this year, concerns about rising indebtedness in European countries has generated fears that the global economy might slide back to recession and cause further difficulties in developing countries like the Philippines. Read the rest of the story here.
