“The outcome of the Greek elections is a welcome development for the world economy. Still however, more is needed to be done to revive the European economy. Structural reforms need to be undertaken and the success of this election marks the first step toward that goal. We are optimistic our European neighbors will do all they can to solve this lingering problem.

“Meanwhile, back here at home, we will continue to monitor developments, not only in the eurozone, but also in the US, China and the whole global economy, to be able to respond correctly and properly to the challenges that may pose risk to the Philippine economy. The country has consistently shown its resiliency amid the turmoil– as proven by the 6.4% growth we posted on the first quarter of the year– and we must remain vigilant to be able to sustain this.

“We will continue to focus on the fundamentals, spend on our infrastructure development and social programs to boost employment, while being mindful of our fiscal position. In this way, we can make sure that the Philippine economy remains strong and on track toward achieving sustainable and inclusive growth. More importantly, we will continue our drive for reforms at the bureaucracy as we continue to believe that good governance is still good economics.”