MANILA – The Philippine economy will likely grow 6.8 percent this year, Standard Chartered said Friday, in the most recent affirmation that the country will outpace its Southeast Asian peers.
Strong domestic demand, increased infrastructure investments and a steadily growing services sector will support expansion of up to 7 percent in the first half and 6.5 percent in the second half, Standard Chartered Asia economist Chidu Narayanan said.
“This would make the Philippines the fastest-growing ASEAN-6 economy for a second consecutive year,” Narayanan said in a statement.
The International Monetary Fund said earlier this week that the Philippine economy could grow by 6.8 percent this year and 6.9 percent next year, leading ASEAN, and second only to India in developing Asia.
On Tuesday, President Rodrigo Duterte’s economic managers unveiled “Dutertenomics,” an ambitious plan to grow the economy by building P8-trillion in infrastructure.