The Philippines is seen to lead Southeast Asia in terms of growth as what was once regarded as Asia’s laggard spearheads an “outperforming” region this year until 2015 amid a weakening China.
“The major ASEAN economies we cover (Indonesia, Malaysia, Thailand, Vietnam and the Philippines) continue to outperform,” debt watcher Standard & Poor’s Ratings Services (S&P) said in a report released Monday. ASEAN refers to the 10-member Association of Southeast Asian Nations.
“The Philippines, which S&P recently upgraded to investment grade, has taken over the ASEAN growth leadership role from Indonesia,” it added.
Other members of the ASEAN are Brunei Darussalam, Cambodia, Laos, Myanmar and Singapore.
According to S&P’s baseline forecasts, the Philippines is projected to grow 6.9 percent, 6.1 percent and 6.5 percent for 2013, 2014 and 2015, respectively. This is faster than ASEAN’s 5.5 percent, 5.6 percent and 5.4 percent during similar periods. –Prinz Magtulis, Philippine Star
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