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Philippines’ growth story to continue in 2017: HSBC

Posted on January 12, 2017 04:37:06 PM | BREAKING NEWS

HONG KONG and Shanghai Banking Corp. (HSBC) has raised its growth forecast for the Philippines to cement its position as among the fastest growing Asian economies, growing more bullish on the back of the government's infrastructure push that would help shield the country from global hiccups.

The Philippines will continue to stand out as one of Asia’s strongest performers, according to HSBC's Asian Economics Quarterly report.
The global bank said the Philippines likely expanded by 6.8% in 2016, way higher than its previous 6.5% estimate and well within the government's 6-7% growth goal.

"Investment will likely remain robust as the government targets a 3% deficit in the 2017 budget, with infrastructure investment upwards of 5% of GDP. The government plans to continue increasing infrastructure spending to 7% by the end of its term -- significantly boosting the overall contribution of investment the structure of growth in the Philippines," the report read. -- Melissa Luz T. Lopez