'PH to be fastest growing Southeast Asian economy in 2015'


Posted at Dec 03 2014 04:20 PM | Updated as of Dec 04 2014 10:54 PM

MANILA, Philippines - The Institute of Chartered Accountants in England and Wales expects the Philippine economy to be the fastest growing in Southeast Asia next year.

The group said the Philippines will grow over 6.4 percent in 2015, citing the country's low budget deficit and slowing inflation.

This would mean the Philippines regaining its number one spot in the region.

In the third quarter, the country was just the third fastest growing economy in Southeast Asia, as growth was dragged by weak government spending. The Philippines posted 5.3 percent GDP growth in the third quarter, behind Malaysia's 5.6 percent and Vietnam's 6.2 percent.

However, ICAEW says the Philippines needs to build more infrastructure to support the country's accelerating growth.

The government has said it wants to fast track building and awarding much-needed infrastructure projects, but most of them are usually caught in delays.

The Aquino administration has awarded 8 PPP projects since 2013. - ANC