ADB : Philippines has 'potential' to become Asia's fastest-growing economy

Everybody is noticing the country, from foreign economists international financial analysts, and foreign lending institutions all are of the same voice that the Philippines is in the very of a major economic take off.

Asian Development Bank (ADB) just stated that the Philippines has the “potential” to become the fastest economy in Asia, being propelled by President Rodrigo Roa Duterte’s so called “Golden age of Infrastructure” through the BUILD, BUILD, BUILD infrastructure overhaul, tax reform policies thru the TRAIN law, and a young professional workforce.

Asian Development Bank (photo credit to owner)

Another indication is the credit rating upgrade from S&P Global is also an indication of the "fundamental strength" of the Philippine economy, which has maintained growth at above 6 percent, said Asian Development Bank (ADB)  Chief Economist Yasuyuki Sawada.

Along with Vietnam and China, the Philippines has been known to be among Asia’s fastest I terms of its Gross Domestic Product (GDP).

"It's quite possible for the Philippines to be the fastest-growing economy in Asia," Sawada told ANC. Debt is "well under control" and over-all fundamentals are "quite strong," he said.

The Philippines' work pool is also English-proficient and among the youngest in the region, with an average age of 28.  ADB’s Sawada said this would serve the needs of information technology( IT) and business process outsourcing (BPO’s) companies.

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Report from ABS-CBN News