S&P sees 2014 growth at 6.6 percent
AP FILE PHOTO
MANILA, Philippines — The Philippine economy is expected to grow by at least 6 percent for the next three years on the back of global recovery in demand for exports and the sustained boom of the local business process outsourcing sector.
Standard & Poor’s in a report on Wednesday said the Philippines would continue to outperform the region amid an expected deceleration of growth in the area’s two major continents, China and Japan.
“Growth in the Tiger economies will likely pick up this year, in step with global trade improvements driven by the U.S. and Europe,” S&P said.
S&P sees the Philippines growing by 6.6 percent this year, a revision from the previous projection of 6.4 percent. In 2015, growth may settle at 6 percent, before climbing back up slightly to 6.1 percent.
All projections are better than the expected growth for Southeast Asia as a whole. In 2014, the region is seen growing by 5.1 percent in 2014, and 5.7 percent in 2015 and 2016.
Projected growth for the Asia Pacific region, which includes China, Japan, Hong Kong, and South Korea, was 5.25 percent to 5.5 percent for the same three years.
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