Philippines is right on course, thanks to the
Duterte administration.
Strong political leadership, Peace and Order,
infrastructure boom with our Build Build Build, and strong policies against
graft and corruption we are expected to become the second fastest economy in
Southeast Asia over the next years.
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| (photo credit to owner) |
The Philippines after Vietnam , is projected to
be the second fastest as it is supported by robust public and private
investment, the Asian Development Bank (ADB) said.
ADB recently
released its supplement to its Asian Development Outlook 2018 Update report earlier
this month, the ADB maintained its economic growth outlook for the Philippines
at 6.4 percent this year and 6.7 percent for 2019.
The Philippine
gross domestic product (GDP) remained strong at 6.3 percent in the first three
quarters of 2018, though moderating from 6.8 percent last year.
ADB states that investment is the biggest
contributor to growth in the Philippines, followed by a strong household
consumption.
The ADB also retained its growth forecast for Southeast
Asia at 5.1 percent for 2018, assuming robust consumption and infrastructure
investment.
“Robust domestic demand continued to drive
growth in the sub-region. Infrastructure spending remained strong in Brunei
Darussalam, Indonesia, the Philippines, and Thailand but declined in Malaysia,”
the report said.
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