BSP Expects Export Recovery; Target Stays

Manila Bulletin, November 7, 2003 | Go to article overview

BSP Expects Export Recovery; Target Stays


Byline: FIL C. SIONIL

HONG KONG - Bangko Sentral ng Pilipinas (BSP) Governor Rafael Carlos B. Buenaventura is still pinning hope that export performance will recover, albeit, relatively difficult, for the remainder of the year, thus, there is no plan to revise anew the already reduced three percent growth for the full year.

In a talk with reporters during a break during the 7th annual CEO forum sponsored by BusinessWeek here, Buenaventura admitted it may be hard to attain the revise export growth target but "we would not be changing targets anymore."

"It is too late in the day already," he said, adding, however, that situation may change, altogether, in the last months of the year should electronics sector posts higher growth.

Authorities are pinning hope that demand for electronics goes up, a development that could change the dynamics in export performance since it accounts for 51 percent of the total growth rate.

But, should trend remains, Buenaventura claimed: "I would be happy with a two percent growth."

The slowdown in exports will alternatively erode the $1.7 billion current account position projected this year.

According to the BSP Chief, the sluggish growth in exports will not change the balance of payments (BOP) picture for the year as dollar inflows from overseas Filipino workers (OFWs) continue to be robust.

Stricter bank rules planned next year

HONGKONG - Philippine regulators will start implementing stricter good governance regulations next year by prohibiting bank top management, including directors, to sit as members of the board, without undergoing good governance seminar.

"Starting next year, we will disqualify those who have not undergone the necessary seminar on good governance," Buenaventura told participants of the 7th annual CEO forum here.

If there is a good and valid reason, the monetary authorities may reconsider by allowing the bank directors and top management level to comply with the requirement, he added.

Although, there will be no penalties against compliance failure, Buenaventura said remised financial institutions will be carrying the burden later on through less patronage and difficulty to raise funding from the public. …

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