International Monetary Fund (IMF) Managing Director Christine Lagarde lauded the Philippines for achieving economic progress amids the global economic uncertainty.
"I congratulate the Filipino authorities for their excellent economic stewardship during difficult times. Credit is also due to Bangko Sentral ng Pilipinas (BSP) for containing inflation and ensuring financial stability," Lagarde said during the press briefing in Malacanang on Friday.
The Philippines is the only country that the IMF raised its growth forecast for this year, Lagarde said.
"In the last decade, the Philippines has managed to have an average growth of about five percent. This year 2012, at a very difficult time because of the financial crisis in other parts of the world, the Philippines is probably the only country of which we have increased the growth forecast as opposed to other places in the world where we actually decreased our forecast," she said.
Lagarde also noted that the Philippines managed to achieve resilient and inclusive growth due to its good policies and reforms.
"Thanks to these good policies and reforms, the Philippines has become a vibrant emerging market that is approaching investment-grade status," she said.
"Looking ahead, we share the government's view that growth must benefit a broader section of the population. This means continuing to improve governance, upgrade infrastructure and boost spending on education and social safety nets. It will also be necessary to deepen reforms to improve the investment climate," she said
The Bangko Sentral ng Pilipinas said Lagarde's visit to the country solidifies the country's partnership with the IMF in pursuing a stable monetary and financial system of the country. Lagarde arrived in the Philippines last Thursday.
The Philippines, through the BSP, will continue to be supportive of regional and international initiatives in pursuit of sustainable and equitable economic development.