Finance Secretary Carlos Dominguez III assured the nation that the Duterte administration was going ahead with its ambitious “Build, Build, Build” infrastructure program despite the global headwinds threatening the Philippine economy.
In a meeting with top executives of Standard Chartered Bank at the sidelines of the Annual Meeting of World Bank Board of Governors in Bali, Indonesia, Dominguez said the challenges include the sharply rising prices of oil in the world market, which is pushing up Philippine inflation.
Dominguez also expressed concern over the escalating trade dispute between the United States and China, as well as the US Federal Reserve’s “aggressive” stance on monetary policy normalization through interest rate increases.
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