With the country’s strong demand for domestic goods and sturdy monetary supply, the Philippines has sustained its growth forecast according to the International Monetary Fund or IMF’s World Economic Outlook quarterly report.
The International Monetary Fund is a Washington-based organization that assists in the reconstruction of the world’s IPS (International Payment System) by lending money and other resources to countries.
The update given by the IMF to its World Economic Outlook report stated that the Philippines is maintaining its 6.2% growth projection since July 2014 due to “favorable external demand and broadly accommodative policies and financial conditions”.
The most recent available data showed that exports of manufactured products summed $5.4 billion in July, a positive increase of 12.4% per year. The Philippine government is targeting an economic growth of 6.5% to 7.5% this year but only managed to hit 6% in the first half of 2014.
Even with a slow economic growth and a projection of 6.2%, the Philippines is still presumed to turn up as the fastest-growing economy among the top five economies in the Association of Southeast Asian Nations or ASEAN. Malaysia is expected to grow 5.9%, Vietnam at 5.5%, Indonesia at 5.2% and Thailand at 1.0% this year.
The IMF is looking at a projected growth between 6.3% and 6.5% for the Philippines in 2015.