The Philippine economy will witness faster economic growth in 2020, according to Hong Kong and Shanghai Banking Corporation’s (HSBC) ASEAN economist Joseph Incalcaterra.
The British bank’s chief economist said a 6.4 percent growth rate may be expected by the Philippine economy considering that nearly half of the flagship priority building projects of the government are set to be implemented next year.
“Our assumption for a pick-up in investment supports our forecast for growth in the Philippines to accelerate to 6.4 percent in 2020, defying weak external demand,” Incalcaterra said in a Philippine Star report by Lawrence Agcaoili.
Incalcaterra further noted that the National Economic and Development Authority (NEDA) approval of 37 out of the 75 flagship priority projects for infrastructure would set the stage for massive capital expenditure in the coming year.
“There are various projects entering construction stage this year, including the monumental Manila Subway, which will cost approximately $10 billion. Construction started in February, and drilling operations are set to begin in 2020,” Incalcaterra added.
Earlier this year, Joseph Incalcaterra also noted that an expansionary Philippine fiscal budget means government spending on education and social welfare should aid growth.
HSBC had previously predicted the Philippines as Asia’s growth leader as the region’s best-performing economy.
The HSBC Expat Explorer survey released in July also named the Philippines among the best places in the world for expats.
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