Business chamber forecasts 7.5% economic growth

The Federation of Filipino Chinese Chambers of Commerce and Industry is optimistic that the Philippine economy will grow by as high as 7.5% this year. This is on the back of continuing reforms, rising local and foreign investments, increased infrastructure expenditure, and a benign inflation rate.

Chamber president Henry Lim Bon Liong said they expect strong and resilient Philippine economic growth of 6.5% to 7.5%, which is similar to the government’s growth target this year until 2022. Alegria Sibal-Limjoco, chairwoman of the Philippine Chamber of Commerce and Industry, said 2020 will be a better year, while Alexander R. Magno, a political science professor at the University of the Philippines, said a global economic slowdown will not affect the country’s economy due to strong local consumption.

Magno explained that domestic consumption, driven by public spending and dollar remittances from overseas workers, has shielded the local economy from shocks. Magno urged the government to address the shortage of skilled workers, which affects growth and results in inflationary pressure.

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