Philippines on track to reach 2016 growth targets – ADB

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The Philippine economy will grow between 6% and 7% this year, in line with the government’s growth target, according to the Asian Development Bank (ADB). ADB vice president for private sector and co-financing operations, Diwakar Gupta, said that while net external demand was a drag on GDP growth, the brisk services exports, particularly business process outsourcing (BPO) partly mitigated the weak demand. Gupta said the country’s growth is seen to remain strong due to robust domestic consumption. Private investment and household spending are also expected to expand on positive sentiment following the peaceful elections.

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