Wednesday 12 July 2017

ING confident in Philippines economic growth under the Duterte administration

The Philippine economy under the administration of President Rodrigo Roa Duterte got another vote of confidence from a well known international multinational banking and financial corporation.

A 6- to 6.5-percent growth rate is feasible even without any new reforms- ING economist Joey Cuyegkeng in describing the economy under the Duterte administration (photo from ING website)

The International Netherlands Group (ING) has made a pronouncement that even if the economy would be left in an auto pilot mode under the current administration of Mr. Duterte it will still improve from the current 6.5 percent  growth rate.

The flagship economic program of ushering the “golden age of infrastructure” under the economic team of Duterte, if handled correctly might lead to a significant increase in the gross domestic product (GDP) growth vis-à-vis the the government ‘s target range of 7-8 percent, said ING resident economist Joey Cuyegkeng in an speaking engagement with the ING clients.

The economist said that the 6-6.5 percent growth rate is very much feasible even if the current administration does not initiate major economic reforms.

PH growth rate trend

Cory Aquino Administration


Fidel Ramos Administration


Joseph Estrada Administration


Gloria Macapagal-Arroyo Administration 


Benigno Simeon Aquino, Jr Administration


Rodrigo Roa Duterte Administration


The ING inhouse economist believes that the country is still in a "sweet spot of relatively fast growth and low to moderate inflation.” Cuyengkeng notes that economic drivers were broadening, with the agriculture and industry services—and not just services—now contributing to growth.

The industrial sector, is where ING expects a growth by 8.1 percent and the agricultural sector expanding by 3 percent, while the services sector is seen to sustain a growth rate of 6.6 percent.

ING has been in the Philippines since 1990. ING has a proven track record in the Philippine market and offers a wide range of products such as foreign exchange, derivatives, currency financing, corporate lending, mergers & acquisition, debt capital markets, structured finance, and trade finance transactions. Our local bank has arranged the highest number of Philippine capital market issues, and provided advice on the largest and most prominent M&A transactions. The Philippine franchise is a recognised top investment bank and has consistently won awards for banking excellence. (ING Phils website)

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