Central Bank says PH is protected against Brexit

The Philippine economy has sufficient buffers to ward off the potential adverse effects of increased external headwinds, including the UK’s withdrawal from the European Union.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the country’s buffers include ample gross international reserves, supported by sustained inflows from overseas Filipino remittances, business process outsourcing revenues, and tourism receipts. Diokno said only a small fraction of long-term equity investments that enter the Philippines originate from the United Kingdom.

The emerging view is that while the withdrawal of the UK from the EU poses no major threat to the EU’s overall economic performance, it may still affect countries with very strong economic links with the UK.

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