MANILA, Sept. 30 (PNA) – Philippine economic managers on Tuesday said the domestic economy is strong enough to face the global financial turbulence. In a statement issued late in the day, the economic team said it is working with the Bangko Sentral ng Pilipinas (BSP) in monitoring developments in the global financial markets.

"The economic and fiscal reforms that we have implemented in recent years, through the cooperation of Congress, have resulted in the strengthening of our macroeconomic fundamentals and our banking system," it said. The team has identified action plans in a bid to further power up the domestic economy. These action plans include accelerating infrastructure and agriculture spending, fast-tracking of financial sector reform measures, revenue collection improvement by way of enhanced tax administration and legislative measures, and reduction of regulatory bottlenecks for strategic industries. The team admitted that the country, "like many countries around the world, are not insulated from the events in the US and the slowdown in the global economy.' "But we believe that the Philippine economy will remain resilient amid these challenges," the statement added. Government executives have earlier given the same assurance to the public. BSP Governor Amando Tetangco Jr. said they are closely monitoring developments particularly in the US, now that the $ 700 billion rescue plan of the US government have been rejected by its Congress. US lawmakers are set to meet on Thursday to formulate an alternative plan that would save US banks from further downturn. (PNA) vcs/JS