S&P Global Ratings reports that the Philippines will continue to outperform its Southeast Asian neighbors as the economic slowdown in the region reaches its lowest point.
The report said that the strong business process outsourcing (BPO) sector will help maintain the steady economic growth of the country.
The Philippines’ economic growth is expected to reach 6.1 percent this year and 6.3 percent the following year. The projected growth would be faster than Indonesia’s projected 5.1 percent which is followed by Malaysia, Thailand, Singapore, and Taiwan.
The country’s growth experienced a decrease in 2015, slipping to 5.9 percent from 2014’s 6.1 percent. However, the Philippines still remains to be the outperformer among the big Southeast Asian economies.
S&P said that the nominal trade numbers in the Asia-Pacific region will start to pick up as oil prices are now recovering. The report also said that the GDP growth for the ASEAN would be stable at 5 percent for the next 5 years.
