S&P sees Philippines economic growth exceeding forecast in 2012
steelguru.com
21 October 2012
"The Philippine economy continues to grow above expectations despite lackluster export demand..."- Agost Bernard, S & P analyst
Debt watcher Standard & Poor's Rating Services said that economic growth in the Philippines in 2012 may exceed its 5.1% forecast.
The credit rating agency said in its latest report the economy would more likely continue to maintain its strong growth for the rest of the year, given the robust domestic consumption and remittance flows.
Mr Agost Bernard analyst at S&P said that "The Philippine economy continues to grow above expectations despite lackluster export demand. Second quarter GDP growth of 5.9% was only slightly below the 6.1% in the first quarter."
Mr Bernard said that the country's fiscal performance also remained strong, with revenue collection rising faster than the nominal GDP growth. He added that "For the first seven months of 2012, total revenues increased 12.1% YoY while revenue collected by the Bureau of Internal Revenue rose 13.7%."
Mr Bernard, however, said that the outlook in the second half was still subject to risks from falling external demand.
S&P cited recent developments and upcoming events in the country such as the impeachment and dismissal of Supreme Court Chief Justice Mr Renato Corona and the reported peace agreement between the government and the Moro Islamic Liberation Front.
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