PH, one of growth leaders in Asia
According to the ASEAN+3 Macroeconomic Research Office (AMRO), a policy advisor to the region, the Philippines remains to be one of the growth leaders in Asia.
Due to its continued growth of 6.8 percent this year, and a projected 6.9 percent growth on 2019, the Philippine economy shows no signs of slowing down. The report states that this is due to both improvements in budget execution and the country’s exports. The Build Build Build program, an infrastructure program, is also expected to help boost the economy’s growth for next year. Thanks to more employment opportunities and remittance flows, the slow private consumption has not affected the economy’s performance.
The 6.8 percent growth is also echoed by regional lender Asian Development Bank, connecting the growth to the rise of investments in manufacturing, technology, and labor productivity. This growth is higher than the World Bank’s 6.7% projection. They also think that the country will enter an upper middle-income status by 2019.