The Philippines may emerge as one of the fastest-growing economies in the region over the next two years, according to S&P Global Ratings.
The debt watcher sees the Philippine economy rebounding with a growth of 9.6 percent this year and 7.6 percent next year after shrinking by 9.5 percent in 2020.
S&P’s latest growth projection for the Philippines is the second fastest after Vietnam’s 10.9 percent, but faster than Malaysia’s 7.5 percent, Singapore’s six percent, Indonesia’s 5.4 percent, and Thailand’s five percent.
For 2022, S&P said the Philippines may post the biggest GDP growth than its Asian neighbors.
S&P affirmed the BBB+ or two notches above minimum investment grade credit rating and stable outlook for the Philippines in May last year.
It said, “The stable outlook reflects our expectation that the Philippines’ orthodox policymaking will continue to underpin its credit metrics, and that the economy will rebound strongly in 2021.”