The Department of Finance (DOF) expects the economy to grow by between 6.5 percent and 7 percent this year, citing brisk domestic production, a healthy foreign exchange buffer, a strong banking system and a young and educated workforce.

Finance Secretary Carlos Dominguez 3rd also allayed concerns over the impact of global financial shocks such as higher interest rates in the US and a surge in protectionism that could influence the flow of global trade, saying the Philippines in general does not rely on external trade as a growth driver.

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