ING sees Philippine GDP growing 6.2% in next 4 years

MANILA, Philippines – Dutch financial giant ING Bank sees the country’s gross domestic product (GDP) growing by an average of 6.2 percent in the first four years of the next government due to the gains made by the Aquino administration.

Joey Cuyegkeng, senior economist at ING Bank Manila, said the projected GDP growth between 2017 and 2020 is faster than the average 5.9 percent during the incumbency of President Aquino from 2010 to 2016.

“The economy will continue to grow beyond May 9 and for the rest of the decade is primarily because a lot of gains have been made by the administration,” he told participants of the ING-Economic Journalists Association of the Philippines economic forum yesterday.

He pointed out the fiscal prudence undertaken by economic managers of the Aquino administration despite more infrastructure spending would give the next administration more leeway in pursuing crucial infrastructure projects.

“I think the next administration will have that leeway because of the gains of this current administration,” he added.

Data showed GDP growth peaked at 3.4 percent during the administration of President Corazon Aquino from 1986 to 1992 but slowed during the term of President Ramos to 3.1 percent between 1992 and 1998.

The economic growth eased further during the incumbency of President Estrada to 2.3 percent during his shortened term from 1998 to 2000.

The economy recovered to 4.8 percent during the term of jailed President Arroyo from 2001 to 2010.

“The selection of a good leader is important to make sure that the economy continues to grow and continues to improve,” he said.

The economist said there should be a stable political environment in the Philippines through a credible elections and orderly transition.