RP's 2000 economic goals are achievable: IMF<\/p>\n
MANILA (AFX-ASIA): The International Monetary Fund (IMF) said
\nthe Philippines' 2000 gross domestic growth target for the year
\nof 4-5 percent, its average inflation rate goal of 5-6 percent
\nand its foreign exchange reserves target of over US$16 billion
\nwill be achievable if the government pursues its policy reforms
\nand improves investor confidence.<\/p>\n
\"Developments to date suggest that these targets are
\nachievable if macroeconomic policies remain on track, the reform
\nagenda is vigorously pursued, and investor confidence -- which
\nhas been adversely affected by a combination of factors,
\nincluding developments in Mindanao -- improves in the near
\nfuture,\" the IMF said in a statement.<\/p>\n
The IMF said it is close to completing its fifth review of the
\ndomestic economy and a successful completion will enable the
\ncountry to draw about $325 million from the remaining funds of
\nits $1.4 billion stand-by IMF loan.<\/p>\n
The IMF added that the country's external payment position
\nstands solid, reflecting a large current account surplus, a high
\nlevel of foreign reserves and an improving maturity structure of
\nexternal debt.<\/p>\n
But under the IMF program, the key challenges include
\ngovernment being able to stick closely to its fiscal targets
\nwhich will entail vigorous collection efforts by the revenue-
\ngenerating agencies and careful monitoring and control of
\nexpenditures.<\/p>\n
Other challenges include the passage of the power sector
\nreform bill and the new Securities Act. The former will help
\nensure competition in the power generation sector as well as
\nprovide a strong regulatory body while the latter will help
\nrestore confidence in the stock market.<\/p>\n
The IMF said that the passage of revisions to the general
\nbanking act will also further strengthen the central bank's
\nability to supervise the banking system.<\/p>\n
\"Looking further ahead, it will be important to give bank
\nsupervisors the tools they possess in other well-regulated
\nmarkets, including adequate protection from civil lawsuits for
\nofficial actions taken and access to vital depositor
\ninformation,\" the statement said.<\/p>\n
The IMF said it is also vital to pursue the rehabilitation of
\nthe Philippine National Bank and to complete its privatization.<\/p>",
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