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PH Economic Performance to Remain Strong

by: Sarah Joson

Tuesday, December 31, 2013 | Outsourcing News |

Bullish Philippine Economy

According to the Institute of International Finance (IIF), the Philippines will retain its momentum as one of Asia’s fastest growing economies. The industry body said the Philippines economy will expand seven percent this year - a slight dip from the 7.5 percent posted during November, but is positioned in the high end of the government’s 6-7 percent target.

The IIF also said the growth of the country’s gross domestic product (GDP) will also be a strong 6.8 percent for 2014.

However, 2015 is expected to be a different story as IIF predicts a lower 6.5 percent GDP growth, which is below the 7-8 percent target of the government.

Meanwhile, the IIF said even with the recent super typhoon disaster which devastated the central region of the Philippines, growth will remain strong due to the ongoing reconstruction programs, rising remittances, and accommodative policies.

Socioeconomic Planning Secretary Arsenio M. Balisacan said the government remains positive on growth despite expansion challenges in the short term.

For the fourth quarter of this year, GDP growth is projected to be at 4.1-5.9%, with an average growth rate of 7.4 percent during the first nine months of 2013. For 2014, growth is forecast to be sluggish during the first quarter, but is seen to improve as reconstruction efforts pick up.


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