S&P Looks Up: Philippine growth outlook

Standard & Poor’s Ratings Services (S&P) raised its growth forecast for the Philippines, noting of an improving economic picture in developed markets that bodes well for the rest of the Asia-Pacific region.

Philippine economic growth could hit 5.9 percent this year before slightly slowing down to 5.7 percent in 2014, S&P said in a report released yesterday. The outlooks were up from the original forecasts of five percent and 4.8 percent, respectively.

The debt watcher also provided its 2015 forecast for the first time. By that year, the local economy may expand 5.4 percent. The economy grew by 6.6 percent last year.

“The drivers continue to be consumption, investment and government spending as well…The government’s commitment to good governance and anti-corruption efforts also contribute,” S&P credit analyst Andrew Palmer told The STAR in a phone interview.

SOURCE: http://www.philstar.com/business/2013/03/07/916600/sp-hikes-phl-growth-outlook

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