S&P: PH to become Asia’s best performer over next 2 years
The Philippine economy is expected to become Asia’s best performer over the next 2 years despite a drag from Typhoon Yolanda, a global debt watcher said.
While Standard and Poor’s Ratings Services (S&P) slightly lowered its growth forecast for the the country this year, the New York-based agency still sees the Philippines as being Asia’s best performer as growth elsewhere in the region, including China would be muted.
S&P revised its growth forecast for the Philippines from 7.1% to 7% – still at the high end of the government’s official target. However, S&P has estimated the economy to slow to 6.4% next year as rebuilding efforts after the massive typhoon are expected to drive the economy.
Previously, the Philippines is the only Asian economy to make it in S&P’s list of rising stars this year. Weighing growth in the country’s Asian neighbors are rising household debts in Thailand and Malaysia, and tighter access to money in Indonesia.