The International Monetary Fund (IMF) expressed confidence that the Philippine banking sector will remain healthy as the local economy continues to recover from the pandemic. However, the global lender said rising interest rates are considered downside risks. The Philippine economy bounced back in 2021, expanding by 5.7%. This year, the government is targeting 6.5-7.5% gross domestic product (GDP) growth. IMF Mission Chief for the Philippines Cheng Hoon Lim said banks in the country showed resilience during the COVID-19 pandemic. The pandemic, she said, was a significant stress test but banks in the Philippines emerged resilient through that period.
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