Hanoi (VNA) – The Philippines remains one of growth leaders in Asia, according to thelatest report by ASEAN+3 Macroeconomic Research Office (AMRO).
The ASEAN+3Regional Economic Outlook (AREO) assessed that the Philippines’ economic growthremains robust, although it eased slightly in 2017. Statistics show that thecountry’s GDP growth eased from 6.9 percent in 2016 to 6.7 percent last year asfixed investments decelerated.
“Private consumption also slowed but generally held upthroughout the year, supported by gains in employment and sustained remittanceinflows. After a weak first quarter, government disbursement improved in thesucceeding three quarters to guide public spending higher,” said the report released on May 3.
But theSoutheast Asian nation is expected to see GDP growth of 6.8 percent in 2018 and6.9 percent the next year as “exports are expected to remain buoyant whilehurdles to budget execution are gradually being overcome,” it added.
The implementation of the“Build Build Build”, the government's biggest infrastructure program, is alsoanticipated to boost growth momentum, the AMRO said.
The trusted policyadvisor to the ASEAN 3 also forecast that the Philippines’ inflation will trendhigher in 2018. “Higherfood and energy prices pushed inflation to return within the 3 /- 1 percenttarget range in 2017 through February 2018 from 1.8 percent in 2016. Coreinflation also inched higher on firm domestic demand.”
“On the back of the excise taxincreases in the recently approved tax reform, higher crude oil prices, and themodest pass-through from the sustained depreciation of the peso, headlineinflation is projected rise slightly above the 4 percent upper-end of the bandin 2018,” according to the report.-VNA
The ASEAN+3Regional Economic Outlook (AREO) assessed that the Philippines’ economic growthremains robust, although it eased slightly in 2017. Statistics show that thecountry’s GDP growth eased from 6.9 percent in 2016 to 6.7 percent last year asfixed investments decelerated.
“Private consumption also slowed but generally held upthroughout the year, supported by gains in employment and sustained remittanceinflows. After a weak first quarter, government disbursement improved in thesucceeding three quarters to guide public spending higher,” said the report released on May 3.
But theSoutheast Asian nation is expected to see GDP growth of 6.8 percent in 2018 and6.9 percent the next year as “exports are expected to remain buoyant whilehurdles to budget execution are gradually being overcome,” it added.
The implementation of the“Build Build Build”, the government's biggest infrastructure program, is alsoanticipated to boost growth momentum, the AMRO said.
The trusted policyadvisor to the ASEAN 3 also forecast that the Philippines’ inflation will trendhigher in 2018. “Higherfood and energy prices pushed inflation to return within the 3 /- 1 percenttarget range in 2017 through February 2018 from 1.8 percent in 2016. Coreinflation also inched higher on firm domestic demand.”
“On the back of the excise taxincreases in the recently approved tax reform, higher crude oil prices, and themodest pass-through from the sustained depreciation of the peso, headlineinflation is projected rise slightly above the 4 percent upper-end of the bandin 2018,” according to the report.-VNA
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