Settling In

PHILIPPINES - Forecast 16 May 2017 by Romeo Bernardo and Christine Tang

The Duterte administration will mark its first anniversary in office in less than two months, with the business community reminded once again by parallels in the U.S. to “watch what he does, not what he says.” Indeed, the President remains highly popular and the business sector seems to be warming up to him. There are grounds for optimism, primarily improved global growth prospects and the President’s demonstrated ability to do right when it comes to the economy. However, there has also been little progress in key public sector reform initiatives that could definitively propel growth higher and it is unclear whether the economic team’s preferred hybrid mode of pursuing infrastructure projects will in fact fast-track implementation, especially if ODA-financing is required. For now, we think our 6.5% GDP growth forecast for the year still appropriate.

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