The Asian Development Bank (ADB) has raised its gross domestic product (GDP) growth forecast for the Philippines for this year and next year to 6.5% and 6.7%, respectively. In Q1 of this year, the Philippine GDP grew by 6.4%, with services and manufacturing as major contributors. In a statement, the ADB said services generated nearly two-thirds of GDP growth, spurred largely by trade, business process outsourcing and finance. The Philippine forecast this year is the highest in Southeast Asia, compared with Indonesia’s 5.1%, Malaysia’s 4.7%, Singapore’s 2.4%, Thailand’s 3.5%, and Vietnam’s 6.5%.
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