A general view of the skyline from the Makati City Hall in Manila, Philippines. Photo: Reuters/Nicky Loh

The ASEAN+3 Macroeconomic Research Office (AMRO) released its first Regional Outlook Report this week, examining forecasts for economic growth in ASEAN member nations plus China, Hong Kong, Japan and South Korea, reports Business World Online

The report’s finding were in line with other forecasts for Southeast Asian economic growth, with the Philippines standing out in the region.

  • Philippines GDP expected to grow 6.8% this year and 7% next year
  • Inflation will be supportive of growth at 3.1% and 3.2% for 2017 and 2018, respectively
  • Current account deficit has been sustained by growth in imports for investments in the Philippines
  • Relatively high level of reserves
  • Positive momentum in the economy should be able to weather any domestic political noise
  • Authorities “need to be vigilant because inflation is picking up”
  • Protectionism still poses a threat to the two pillars of the Philippine economy, business process outsourcing and overseas remittances