MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – It’s all President Rodrigo Roa Duterte’s fault, according to local and foreign media. The Philippine economy is about to crash and armageddon is looming over the country.
Stocks have been on a downward trend and the Philippine peso is losing its ground compared to the U.S dollar — all because of Duterte’s foul mouth and allegations of extra-judicial killings related to his war on drugs.
Today, Duterte was again blamed by the media for a newly-released financial forecast by the Asian Development Bank and the International Monetary Fund.
Both organizations raised their respective 2016 growth forecasts for the Philippines on the back of solid economic fundamentals.
Following the conclusion of its executive board’s Article IV consultation with the Philippines, the IMF said in a Sept. 26 statement that the “outlook for the Philippine economy remains favorable despite external headwinds,” such that it raised to 6.4 percent from 6 percent previously its growth projection for 2016.
The Philippines is in big trouble, unless Duterte changes his ways.