Dutch banking giant ING bullish on the PHL economy

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Netherlands-based global financial giant ING has projected a positive growth rate for the Philippines under the 6-year term of the Duterte administration.

Philippine Stock Exchange
Philippine Stock Exchange [via Business World Online]

ING Philippines economist Joey Cuyegkeng in a client briefing said he foresees a 6.5 percent gross domestic product (GDP) growth rate until the year 2022 even if the country is placed on “autopilot.”

The senior economist said in a forum that “A 6- to 6.5-percent growth rate is feasible even without any new reforms,” according to an Inquirer report by Doris Dumlao-Abadilla.

Cuyegkeng is also reported by Manila Standard as saying the positive GDP rate is driven by investments, higher fiscal spending, and robust domestic demand.

The Philippine economy is in a “sweet spot of relatively fast growth and low to moderate inflation” with growth drivers now expanding to include agriculture and industry services.

The ING experts also project growth by 8.1 percent for the industrial sector, and 3 percent for the farm sector. The service sector is seen to keep its growth rate at the 6.6 percent.

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