FMIC’s latest forecast falls below the government’s growth target range of between 6.5 and 7.5 percent for this year. “The Philippine economy will grow faster in 2020 compared to 2019, fueled by stronger consumer spending, easing monetary conditions and [a] growing tourism sector,” FMIC President Rabboni Francis Arjonillo said during the briefing. FMIC projects infrastructure spending to hit 5.4 to 5.8 percent of GDP this year. It also said the Philippine peso might weaken to P53 per dollar this year on the back of a wider trade deficit as the government ramps up infrastructure spending. Last, FMIC said risks to Philippine economic growth include negative investor sentiment over regulatory reforms, geopolitical tensions and natural disasters.

Source: Manila Times January 14, 2020 16:39 UTC