The International Monetary Fund (IMF) has raised its 2020 growth projection for the Philippines to 6.3 percent.
Thomas Helbling, mission chief of the IMF Article IV Consultation to the Philippines from November 5-18, 2019, said the IMF is bullish on the country’s domestic growth. In fact, it is expected to end on higher note next year.
Helbling said they have included in their full-year growth forecast the assessment for the third quarter of 2019, wherein growth recovered and posted an output of 6.2 percent.
The third-quarter figure brought GDP of the last nine months to 5.8 percent, slightly below the government’s full-year target of 6-7 percent.
The IMF hailed government spending on infrastructure projects as well as the total of 75 basis points reduction in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates this year, bringing forth positive outlook.
“The medium-term economic outlook remains favorable especially if the strong structural reform momentum continues,” PNA quoted him as saying. “The Philippines remains one of the best-performing economies in the region.”
Helbling underscored the need for faster implementation of reforms like the rice tariffication, tax measures, national ID system, ease of doing business, and the BSP Charter amendments.
