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UPDATE 1-Philippines can still hit 6% growth in 2019 - c.bank chief

Published 10/01/2019, 04:03 PM
Updated 10/01/2019, 04:10 PM
UPDATE 1-Philippines can still hit 6% growth in 2019 - c.bank chief

* Says Q3 growth likely 6-6.4%
* Says "long way to go" on rate cuts

(Adds quotes, detail)
By John Geddie and Fathin Ungku
SINGAPORE, Oct 1 (Reuters) - The Philippines' central bank
chief said on Tuesday he remained confident 2019 growth would
reach 6%, the lower end of its 6-7% forecast, but acknowledged
it might just miss the mark.
Benjamin Diokno told Reuters third-quarter growth would
likely be 6-6.4% and would accelerate further in the final
quarter, offsetting some of the weakest growth rates seen in
years during the first half.
"We are still confident we can get to 6% (in 2019)...but
even if we hit 5.9% or 5.8% that is still one of the fastest
(rates globally) given the slowing global economy," Diokno said
on the sidelines of a business conference in Singapore.
Diokno said the economy "hit a bump" in the first half due
to a delay in budget approval and uncertainty over corporate tax
changes, but that the outlook had improved.
The central bank has cut rates three times in 2019, most
recently last month. Asked about further easing, Diokno said: "We are easing
because last year we tightened too much...so we still have a
long way to go."
He declined to say whether further easing would happen in
2019, saying it would depend on inflation rates which are
currently "under control".

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