Philippine economy seen growing amid election spending

Economists have become more optimistic about the Philippines' economic recovery due to election spending and fast-tracked projects ahead of campaign season.

The Department of Finance (DOF) expects sustained mass vaccination, reopening of productive sectors, and increased foreign investment to bring GDP growth back above 6 percent.

Japan Center for Economic Research raised its 2021 GDP growth projection for the Philippines to 5.1 percent from 4.3 percent previously.

FocusEconomics upgraded its 2022 growth forecast for the Philippines to 7 percent, citing sustained mass vaccination and infrastructure buildup as key factors.