ADB upgrades Philippines economic outlook

The Asian Development Bank (ADB) upgraded its 2017 and 2018 economic growth forecast for the Philippines to 6.7% and 6.8%, respectively, from the previous 6.5% and 6.7%. The outlook assumes that growth in the government’s infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects underway, the ADB said. The bank also pointed out that net exports turned positive in the first 9 months, reversing a deficit in 2016. On the supply side, services generated nearly 60% of GDP growth, spurred largely by trade, business process outsourcing, finance and real estate services.