PH is 2nd fastest growing economy in SEA

PH growth 2nd fastest in Southeast Asia: ADB


Philippine News Agency | 12 December 2018
Leslie Gatpolintan

Bonifacio Global City, Taguig (supplied)

MANILA -- The Philippines is expected to become the second fastest growing economy in Southeast Asia after Vietnam over the next years, supported by robust public and private investment, the Asian Development Bank (ADB) said.

In a supplement to its Asian Development Outlook 2018 Update report released on Wednesday, the ADB maintained its economic growth outlook for the Philippines at 6.4 percent this year and 6.7 percent for 2019.

The Philippine gross domestic product (GDP) remained strong at 6.3 percent in the first three quarters of 2018, though moderating from 6.8 percent last year.

Investment was the biggest contributor to growth, followed by household consumption.

The ADB also retained its growth forecast for Southeast Asia at 5.1 percent for 2018, assuming robust consumption and infrastructure investment.

“Robust domestic demand continued to drive growth in the sub-region. Infrastructure spending remained strong in Brunei Darussalam, Indonesia, the Philippines, and Thailand but declined in Malaysia,” the report said.

However, the Update identified the escalating trade conflict as the largest downside risk, even after the leaders of the People’s Republic of China (PRC) and the United States agreed to a 90-day truce precluding any new tariffs to allow time for bilateral negotiations -- which also lends businesses a wider window for frontloading trade.

“The truce on trade tariffs agreed by the United States (US) and the People’s Republic of China (PRC) is very welcome but the unresolved conflict remains the main downside risk to economic prospects in the region,” ADB Chief Economist Yasuyuki Sawada said in a statement.

“That said, we are keeping our forecasts for the region’s growth unchanged for this year with some of the biggest economies continuing to hold up well,” he said. (PNA)

The Asia Trophy Series Silver winner

Rugby: Philippines wins silver in Asia Trophy Series

By: Mark Giongco‎ - @inquirerdotnet

INQUIRER.net

October 22, 2018

The Philippine women’s rugby team after winning the silver medal in the 2018 Asia Trophy Series in Brunei. CONTRIBUTED PHOTO

The Philippine women’s rugby team settled for the silver medal after bowing to Malaysia, 10-7, on Sunday in the 2018 Asia Trophy Series in Brunei.

The Lady Volcanoes went undefeated, winning their first five games of the two-day competition before running into the Malaysians in the gold medal match.

“I couldn’t be more proud of how the team performed overall. Not only is it the best result the team has ever had in a single tournament, the entire team was composed of Philippine homegrown players.

The program is on track for a competitive rematch against Malaysia in the Southeast Asian Games next year,” said Philippine team head coach Ada Milby.

The Philippines beat Uzbekistan, 12-10, to open its campaign then, crushed Pakistan, 38-0, and topped India, 17-10, in the first day of the tournament.

The Filipinos picked up where they left off with a 43-0 romp of Nepal before edging Guam, 10-7, in the semifinals.