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AMRO says Philippines likely to post 2
The Philippines is projected to be the second-fastest growing economy in the ASEAN region in 2025, with a Gross Domestic Product (GDP) growth forecast of 6.3%, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
This growth projection is unchanged from AMRO's December forecast and aligns with the Development Budget Coordination Committee's target of 6-8% GDP growth annually until 2028.
AMRO Chief Economist Hoe Ee Khor stated that the Philippines' strong growth forecast is partly due to the Bangko Sentral ng Pilipinas (BSP) beginning to ease its monetary policy.
The easing monetary policy is expected to boost domestic demand, further supporting the country's economic expansion.
The Philippines' 6.3% growth forecast for 2025 places it ahead of countries like Cambodia (5.8%), Indonesia (5.1%), and Malaysia (4.7%).
In the broader ASEAN+3 region, the Philippines is also projected to grow faster than China (4.8%), Hong Kong (2.6%), South Korea (1.9%), and Japan (1.3%).
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The World Bank forecasts the Philippine economy to grow by 6.1% in 2025, positioning it as Southeast Asia's second fastest-growing economy after Vietnam.
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The International Monetary Fund (IMF) has maintained its projection of 6.1% economic growth for the Philippines in 2025 and 6.3% for 2026, citing robust domestic demand, disinflation, easing monetary policy, and robust public spending.
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The Philippine economy expanded by 5.8% in the first three quarters of 2024, retaining its position as one of Asia's top-performing economies, despite falling short of the government's target growth rate.
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The European Chamber of Commerce of the Philippines (ECCP) urges the country to capitalize on its current economic momentum by continuing policy reforms and trade promotion initiatives.
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Economists forecast the Philippine economy grew by 5.8% in the fourth quarter of 2024, accelerating from the 5.2% growth in the third quarter, but likely falling short of the government's 6% to 6.5% target for the full year.
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