MANILA, Philippines — Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) has retained its 6.4 percent growth forecast for the Philippines this year, higher than the four-year low 5.9 percent growth last year.
Based on results of its annual consultation report for the Philippines for 2019, the regional think tank said that stable macroeconomic fundamentals combined with easing monetary policy will contribute to the recovery of economic output this year.
The timely passage of the 2020 national budget will also ensure an increase in government expenditure of priority programs and projects.
“Going forward, growth is expected to continue to recover, led by a further increase in government expenditure. Overall, the economy is expected to grow by 6.4 percent in 2020,” AMRO said.
Read more: Philippine Star
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