The Philippine economy’s prospects as being among the best performers in Asia last year is on firm ground if only based on most forecasts putting the full-year 2022 readout above 7 percent. | RonWDomingoINQ /PDI
Most analysts, including those with multilateral lenders, credit watchers and financial services groups, put the full-year print at the upper band of the government’s target range.
These were revised from earlier forecasts that were at the lower band of the government’s target range—6.3 percent by S&P, 6.5 percent by ADB and World Bank, 6.7 percent by Moody’s and 6.9 percent by Amro.Meanwhile, the most conservative forecasts are from Fitch Ratings at 6.8 percent and the International Monetary Fund at 6.5 percent.
He also noted challenges such as the Bangko Sentral ng Pilipinas’ policy rate having reached a 14-month high of 5.5 percent as well as a debt-to-gross domestic product ratio of 63.7 percent which was above the international threshold of 60 percent that is considered as prudent. Business groups are also optimistic the Philippine economy grew at a faster pace in 2022, with most agreeing that the economic expansion reached at least 7 percent.
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