6.5% GDP growth for the Philippines can be achieved – S&P
The growth outlook for the Philippines in the near term remains strong on the back of stable economic, fiscal and monetary policies; favorable demographics; an ambitious infrastructure program and comprehensive tax reform, according to global ratings agency, S&P Global Ratings. In a webcast, S&P Asia Pacific Economist Vincent Conti said GDP growth of 6.5% and above for the next few years is “very easily achievable” for the country. The Philippines government targets a faster 7% to 8% yearly growth rate in the medium term after the economy expanded by 6.7% last year, among the highest gross domestic product growth rates in the Asian region. Conti added that the government’s economic policy seems to be very stable and is expected to have continuity. In April, S&P raised its credit rating outlook for the Philippines to ‘positive’, citing improved fiscal management following the passage of the first tax reform package.
