RHB | Philippines| Fundamentals Remain Solid With Government Spending To Anchor Growth

Economic Research	30 June 2015
Philippines
Economic Outlook
Fundamentals Remain Solid With Government Spending To Anchor Growth The Philippines’ real GDP growth slowed in 1Q 2015, mainly caused by a slump in the export market and a lower-than-expected government spending. Nonetheless, economic activities in the Philippines are anticipated to gain momentum as the government aims to ramp up spending in the coming quarters amid the final year of President Aquino’s presidential term. Hence, we envisage the Philippines’ real GDP to expand by 6.4% y-o-y in 2H, accelerating from +5.7% in 1H. For the full-year, we expect the Philippines’ real GDP growth to sustain at 6.1% for 2015, from +6.0% registered in 2014. Economist:  Vincent Loo Yeong Hong  | +603 9280 2172
To access our recent reports please click on the links below: 31 March 2015: Growth To Accelerate This Year Amid Boost From Fiscal Incentives 17 December 2014: Growth To Improve Again In 2015, Amid Return of Government Spending 23 September 2014: Strong Growth Momentum Maintained For 2H 2014 23 July 2014: Growth To Pick Up In 2H From A Slow 1H, Supported By Infrastructure Spending