MANILA, Philippines – The Philippines is now Southeast Asia’s economic growth leader, taking over Indonesia, according to credit rating agency Standard & Poor’s (S&P).
In a report released on Monday, August 5, S&P said the Philippines’ gross domestic product (GDP) is expected to expand by almost 7% in 2013.
This is higher than the 5.5% collective GDP growth forecast for ASEAN countries — Indonesia, Malaysia, Philippines, Thailand and Vietnam.
“The Philippines, which S&P recently upgraded to investment grade, has taken over the ASEAN growth leadership role from Indonesia. We project Philippine GDP to expand by almost 7% this year, moderating to 6%-6.5% in 2014 and 2015,” S&P said.
The country grew 7.8% in the first quarter.