PH economy seen to ‘stand out’ in Asia
INQUIRER.NET (January 13, 2017)
British banking giant HSBC sees the Philippines standing out as one of Asia’s top performers, with gross domestic product (GDP) growth this year seen to remain robust at 6.5 percent.
Although slower than the nine-month average of 7 percent in 2016, HSBC’s growth forecast for the Philippines this year is higher than the market consensus of 6.3 percent and also better than the forecasts for other markets in the region.
The average GDP growth for Asia, excluding Japan, was projected at 5.8 percent for 2017. The forecast growth for the Philippines is the same as HSBC’s growth projection for China.
World Bank sees PH growth averaging 6.8% until 2019
The Manila Times (January 12, 2017)
The World Bank expects the Philippine economy to grow by an average 6.8 percent in the next three years amid heavy infrastructure and consumer spending, and strong remittances and services exports.
“In the Philippines, growth is projected to accelerate to 6.8 percent on average in 2017-19, supported by ongoing infrastructure projects, strong consumption, buoyant inflows of remittances, and strong revenue from services exports,” the Washington-based lender said in its Global Economic Prospects report released Wednesday.
DTI To Launch P19-B Fund for MSMEs In 3 Provinces
Business Mirror (January 9, 2017)
The Duterte Administration’s P19 billion micro-fund scheme will be piloted in three of the country’s poorest provinces this month, according to the Department of Trade and Industry (DTI).
The DTI said the credit facility for micro, small and medium enterprises (MSMEs) will be rolled out in Mindoro, Leyte and Sarangani, which will represent Luzon, the Visayas and Mindanao.
The financing initiative, dubbed as Pondo sa Pagbabago at Pag-asenso (P3) program, will release an initial P1 billion, which was already appropriated in the 2017 General Appropriations Act.
RP trade expands 7.3% in Nov. ’16
The Daily Tribune News (January 11, 2017)
Backed by strong growth in imports, the total merchandise trade grew by 7.3 percent in November 2016, according to the National Economic and Development Authority (Neda).
Based on a report by the Philippine Statistics Authority, total trade grew to $12B in November 2016, with imports growing by 19.7 percent and mitigating the 7.5 percent drop in exports.
Strong economy to fuel property sector growth
INQUIRER.NET (January 7, 2017)
Savvy real estate developers are expected to continue doing their due diligence, and look for the unsatisfied demand, and supply the gap this year.
The sustained growth in the real estate industry this year is expected to be fueled by the country’s strong economy and low interest rate regime, which were seen to be “compelling enough to trigger additional developments,” according to a property consultancy firm.
In its latest Market Insight report, Pinnacle Real Estate Consulting Services, Inc. said it has remained “business as usual” for the Philippine property sector, whose growth is seen to be driven by the continued rise in demand for office, retail and industrial spaces this year.
Foreign investments rise by 22% to $6.2b
Manila Standard (January 10, 2017)
NET inflows of foreign direct investments in the first 10 months of 2016 increased 22 percent to $6.2B from $5.1B a year ago on s ustained confidence of investors on the country’s strong macroeconomic fundamentals, Bangko Sentral ng Pilipinas said Tuesday.
Data showed that the year-to-date figure was inching closer to the recently revised net inflow target for 2016 of $6.7B.
“Investment inflows continued amid investors’ confidence in the resilience of the economy, backed by sound macroeconomic fundamentals,” Bangko Sentral said in a statement.