ADB stresses strong outlook for Philippines

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Philippine

MNA Business Desk: The Asian Development Bank (ADB) has reiterated its view that the Philippine economy will grow by an even faster clip in the years ahead on the back of rising manufacturing and other investments.

Ramesh Subramaniam, ADB Director General for Southeast Asia, said rising labor productivity, as well as investments in manufacturing and technology are building up the economy’s productive capacity.

“This means, there’s even further room for the Philippine economy to grow,” he said in the media briefings Friday on the sidelines of the 51st ADB annual meeting, which the Philippines is hosting.

He said rising investments are sufficiently meeting robust domestic demand, thus helping keep inflation relatively manageable, reported news agency.

Based on ADB’s latest forecasts, the Philippine economy will grow by 6.8 percent this year and 6.9 in 2019, up from 6.7 percent in 2017.