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ADB Keeps Growth Forecast for the Philippines

by: Sarah Joson

Monday, July 20, 2015 | Outsourcing News |

Growth Forecast for the Philippines Retained

The Asian Development Outlook Supplement report by the Asian Development Bank, a Manila-based lender, predicts that based on its gross domestic product, the output of the Philippines will grow by 6.4 percent this year, and 6.3 percent in next year. On top of that, sustained private investment and household consumption are considered as factors for the sustained growth outlook.
ADB is seeing steady spending activity in household consumption and private investment as May 2016, election day, draws near.

ADB noted that the slow 5.2 percent growth posted by the economy in the first quarter is due to the slowdown in exporting activity and controlled government spending.

The lending institution also stated that exports lost traction as import growth continued to expand backed by buoyant domestic demand. It also found that the overregulated public spending is due to the slow budget disbursement and caution to avert problems in the Supreme Court where some public funds were cited unconstitutional.
However, fiscal spending is expected to cause issues on the domestic side as external factors continue to pose a threat even with the strategies to improve budget execution.


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