Bangko Sentral lauds Duterte's 8-point economic plan

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Guinigundo says the expected increased spending on infrastructure would give way to more jobs.

Metro Manila (CNN Philippines) — The Bangko Sental ng Pilipinas (BSP) believes that the economic agenda of presumptive president Rodrigo Duterte will improve the economy and will result in more jobs.

BSP Deputy Gov. Diwa Guinigundo said on Monday (May 16) that Duterte's 8-point economic agenda would continue the policies of the Aquino administration, which he said had resulted in the highest economic growth for the country in recent years.

"From the monetary perspective, the general public can expect continued consistency of monetary policy with price stability, financial stability, and of course, balanced and sustainable economic growth," he said.

Read: LIST: Duterte's 8-point economic agenda

The statement runs counter to the previous apprehension of the business community that Duterte lacked sufficient know-how about the economy.

Guinigundo added that the incoming administration's expected increased spending on infrastructure would give way to more jobs for the Filipinos.

Duterte had previously promised to increase infrastructure spending by 5%.

Guinigundo also said that Duterte's program to attract more foreign investors would give more employment to the people. The incoming president had said that he was willing to allow foreigners to own 100% of the companies they would put up in the country — as opposed to the existing 40% limit cap on ownershhip.

CNN Philippines' Rex Remitio contributed to this report.