The Philippines continues to be a picture of economic growth, which is driving investors and multinational companies into the country. And as the first quarter of the year nears its end, the Philippine economy seems to be heading in the right direction as suggested by key performance indicators.
According to a recent report by Bloomberg, the Philippines’ gross domestic product (GDP) is expected to grow even more this year as government pushes to spend more on infrastructure projects to expand the country’s capacity as well as lower global prices of oil.
Moreover, data shows that there are specific sections of the economy that are doing quite well. For instance, the country’s manufacturing sector has greatly improved thanks to the inflow of foreign investments while exports of electronics and apparel rose by 12 percent last year.
And consumption seems to be going well too, thanks to the increase in remittances and the slowing down of inflation, according to the governor of the Central Bank of the Philippines, Amando Tetangco.
These could be some reasons why the International Monetary Fund (IMF) have decided to raise the growth forecasts for the Philippines for 2015 and 2016 to 6.6 and 6.4 percent respectively from the original projections of 6.3 and 6.2 percent.