Philippine economic growth is up by 0.4 percentage point this year, said Nomura Securities Co. Ltd. Shipments in electronic products are to recover this year, which then would be complemented by a robust investment spending.
On the other hand, the government has placed its growth estimate between 6.5 percent and 7.5 percent. In comparison, the economy had a good 6.9 percent growth last year.
Add to that Asian Development Bank’s outlook of 6.4 percent due to public and private investments. Standard Chartered has also shared a growth forecast of 6.7 to 6.8 percent, citing householding spending and infrastructure investment as driving factors.
Similarly, Deutsche Bank has also increased from 5.8 to 6.2 percent from experts. Along with this range, IHS Markit forecasted a growth of 6.3 percent from overseas Filipino worker remittances and information technology business process outsourcing (BPO) industry.
Due to these various forecasts, it is rather safe to deduce that the Philippines is a great place to invest and expand your business.