The Philippines has been preparing for the expected recession in the US and would be able to withstand the fallout from the economic slump of one of the country’s largest trading partners, according to Malacanang officials.

Deputy Presidential Spokesman Anthony Golez said while developed countries in Europe and Asia have officially entered into a recession in the third quarter, the economy grew by 4.6 percent during the same period.

“The President has worked to develop other trading partners,” Golez told a news briefing at the Palace.

“Before we were dependent on one or two countries but now we have more trading partners that can compensate losses in trading with the US,” he said.

On another occasion, Mrs. Arroyo cited the strengths of the economy that so far has been blunting the effects of global economic crisis. She said the Philippine economy remained resilient because of the fiscal reforms implemented a few years back.

“Not only is the economy resilient, we were able to continue with our phase of economic development. We’re able to provide more jobs for our people and we will continue to work on the Philippine reform agenda,” Mrs. Arroyo said.

She said the government will continue its spending for infrastructure and social services that would improve the lives of the people and generate more investments.