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
|
3.4
|
Fidel Ramos Administration
|
3.1
|
Joseph Estrada Administration
|
2.3
|
Gloria Macapagal-Arroyo Administration
|
4.8
|
Benigno Simeon Aquino, Jr Administration
|
6.1
|
Rodrigo Roa Duterte Administration
|
6.5
|
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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