MANILA — Malacañang on Tuesday welcomed a report released by credit rater Fitch rating saying the Philippines maintains a generally “favorable growth outlook.”
“In its report for the third quarter, Fitch noted that the Philippines’ economy will sustain its good performance for 2018 on the back of increases in private consumption and investment,” Presidential Spokesperson Harry Roque said in a Palace briefing.
“The Philippines’ rating balances a favorable growth outlook, government debt levels that are below peer medians, a net external creditor position and policies geared towards maintaining macrostability against lower income per capita and weaker governance and business environment indicators compared with rating peers,” Fitch’s Asia Pacific Sovereign Credit Overview for the third quarter said.
Citing Fitch Rating, Roque said the country’s overall investments will increase due to the steady remittances, growing business processing outsourcing industry and higher infrastructure spending by the government.
Roque also lauded the report of McKinsey Global Institute, the business and research arm of McKinsey, citing the country’s economy as a very recent accelerator.
“MGI noted that the Philippines’ rapid economic growth would make the country an ‘outperformer’ country in the coming years,” Roque said.
It also stated that from 2015 to 2030, the Philippines can grow at an annual rate of 5.3 percent per annum, which is faster than the 4.1 percent projected annual average growth rate of Association of Southeast Asian Nations.
MGI said the growth momentum of the Philippines can be sustained through investments infrastructure. (Azer Parrocha/PNA)
