The Philippines has officially become the top economic leader in Southeast Asia, an American financial services company said.
Standard & Poor’s (S&P), in a report released Monday, said continued economic growth in the country has helped Philippines overtake Indonesia’s economic performance.
“The Philippines, which Standard & Poor’s recently upgraded to investment grade, has taken over the ASEAN growth leadership role from Indonesia,” S&P Asia Pacific chief economist Paul Gruenwald said.
“We project Philippine GDP (gross domestic product) to expand by almost 7 percent this year, moderating to 6 percent to 6.5 percent in 2014 and 2015,” Gruenwald added.
S&P’s forecast also sees Philippine growth to be higher than that of China’s 7.3 percent.