MANILA, Philippines – Amid allegation of extra-judicial killings (EJKs) and the bloody war against drugs, the Philippine economy under the leadership of President Rodrigo Duterte continues to grow; this was according to Forbes magazine.
Forbes cited the Philippines’ economy for being the 10th fastest growing in the world; citing latest data from Global Economic Prospects.
The magazine noted that for this year, the country’s economy is expected to increase by 6.5 to 7.5 percent, which is almost double the figure for its long-term growth.
“The Philippines economy has benefited from a stable macroeconomic environment of low inflation and low debt to GDP ratio, which has helped sustain a healthy domestic demand growth; and from a revival of the Asian Pacific region that have boosted exports, which account for close to a third of GDP,” Forbes said.
It also noted the rise in the country’s exports to 12.1% as of April 2017, which is translated to US $4.81-B.
“Apparently, President Duterte’s harsh domestic policies and foreign policy flip-flops haven’t undermined Philippines economic growth, at least not yet,” said the magazine.
However, Forbes warned the Philippines is getting more corrupt and less competitive, as per data from Transparency International and the Global Competitiveness reports.
“Those who have followed the Philippines economy for a long time have seen a familiar show: hard working Filipinos remain poor, watching the people of other nations in the region get rich,” Forbes said.
“Revolutions come and go in Philippines, but the old villains — corruption and political oppression — remain intact, holding Filipinos back from making the transition from poverty to riches,” it added.