Philippines economic growth forecast raised to 5.8%
Jayson 09 Jan 2025 10:07EN
Singapore's DBS Bank has raised its 2025 economic growth forecast for the Philippines to 5.8% , up from an earlier estimate of 5.4% , based on expectations of deflation and monetary policy easing, which will underpin a favorable macroeconomic environment.
Domestic consumption, as an internal economic driver, will continue to protect the Philippines from external uncertainties, including the potential headwinds of Trump's re-election as US president, DBS and First Capital Securities said in a latest report.
Philippines economic growth is expected to outpace Thailand ( 3% ) and Singapore ( 2.8% ) this year. The mid-term elections are expected to boost domestic consumption, which has long been one of the main drivers of the Philippine economy.
Nonetheless, analysts are mindful of potential risks, such as the Trump administration's protectionist policies that could reduce remittances from the US, which account for 40% of total remittances to the Philippines.
Domestic consumption, as an internal economic driver, will continue to protect the Philippines from external uncertainties, including the potential headwinds of Trump's re-election as US president, DBS and First Capital Securities said in a latest report.
Philippines economic growth is expected to outpace Thailand ( 3% ) and Singapore ( 2.8% ) this year. The mid-term elections are expected to boost domestic consumption, which has long been one of the main drivers of the Philippine economy.
Nonetheless, analysts are mindful of potential risks, such as the Trump administration's protectionist policies that could reduce remittances from the US, which account for 40% of total remittances to the Philippines.
