Nomura Tagged the Philippines as One of Asia’s “New Rising Stars” in 2018

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World-renowned Japanese financial company tagged the Philippines as one of Asia’s “New Rising Stars” in 2018 as the country joined India and Indonesia in the list. The Philippines India and Indonesia are seen to boost the region’s potential growth by at least eight percent in 2018.

The Philippines was already projected to grow, as measured by gross domestic product (GDP) by 6.9 percent next year, higher than its 6.7 percent forecast for this year.

The Japanese firm Nomura expects the domestic economy of the Philippines to expand 7.1 percent in 2019. Economic managers in the Philippines have set the government’s GDP target for 2017 at 6.5-7.5 percent while it is between seven and eight percent for 2018-2022.

Nomura released the following statement “The economy has sound fundamentals, a healthy fiscal position and is one of the few in Asia that is underleveraged. Domestic demand growth has consistently been the strongest in Asia, and the biggest challenge ahead will be to avoid overheating,” the research said.

The Japanese firms research also forecasts that Bangko Sentral ng Pilipinas (BSP) to increase key rates by a total of 100 basis points next year as it projects inflation to go beyond the government’s two to four percent target until 2019.

Nomura also explained that the title “new rising stars” given to India, Indonesia and the Philippines was given “because they still have enormous growth potential to unlock” given the young demographics, lower rates of urbanization, and reforms on supply-side issues.

Source: PTV News

Ed Umbao

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