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Philippines central banker: 'Business as usual' after Duterte win

Although some investors may have concerns about president-elect Rodrigo Duterte's shaky economic policy agenda, it is likely to be "business as usual" after he takes office, the Philippines' central banker said on Friday.

Speaking to CNBC's Street Signs a day after the central bank decided to keep interest rates on hold, Bangko Sentral ng Pilipinas governor Amando Tetangco said he expects Duterte to continue adopting economic policies that in recent years have driven high growth while keeping inflation low.

The Philippines's gross domestic product (GDP) grew 5.8 percent last year, beating out many Southeast Asian peers, including Indonesia, Malaysia, Thailand and Singapore, and the Asian Development Bank is predicting 6 percent growth this year on the back of strong consumption.

Tetangco said inflation is forecast at 2.1 percent in 2016 and 3.1 percent in 2017, within the target range of 2 to 4 percent.

With a "manageable" inflation outlook for the foreseeable future and demand supported by solid private household and government spending, double digit growth in credit and adequate liquidity conditions in the country do not warrant a rate change, he said.


"Our current economic performance cannot be described as a quick miracle; the economic performance has been sustained over the years and through the global financial crisis. It has been the fruit of structural reforms and some policies put in place over decades and the commitment to further reforms has been seen to remain firm across administrations," said Tetangco.

The country is expected release first quarter GDP numbers next Thursday.

Nyshka Chandran contributed to this article.

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