Philippine to See 7% GDP Growth

The Philippine economy is seen to expand by 7% this year, faster than the 6.6% expansion in 2017, a report released by the Wallace Business Forum said. “The Philippines will continue to be among the best performers among the emerging market economies of Asia for the 7th straight year, and will remain on track with its poverty reduction goal over the medium term,” the report said. malaya.com reported. Household spending is expected to accelerate as a result of the lowering of the individual income tax rate, which is seen to boost the household budget by P140 billion ($2.70 billion). “Additional push of private consumption will come from the subdued inflationary expectations and increased peso value of transfers to the families of overseas Filipino workers due to the modest peso depreciation,” the report said. “And with improved global outlook, there will be more opportunities for overseas employment. At the same time, domestic employment prospects will be better with the sustained high rate of economic growth,” it added. The industrial sector will again be the growth pace-setter in 2018, lifted by construction and manufacturing, the report said.