Goldman Sachs believes Pres. Duterte can boost Philippine economy

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  • An American multinational banking firm believes incoming President Rodrigo Duterte can boost the country’s economic growth
  • Goldman Sachs said Duterte’s mandate ‘could further brighten our already positive macroeconomic outlook for the Philippines’
  • Outgoing President Benigno Aquino Jr. will be leaving behind one of the best performing economies in the globe, after the country earned its first investment-grade sovereign rating

MANILA, Philippines – The Goldman Sachs Group, Inc., an American multinational banking firm that utilizes in global investment banking, investment management, securities, and other financial services, basically with institutional clients, trusts Philippine President-elect Rodrigo Duterte is going to be a boost to the country’s economy, Bloomberg reported.

In their meetings in Manila, Goldman said directives to boost infrastructure spending, cut through red tape, and venture more in farming can potentially up the economic growth.

Economist Matthieu Droumaguet at Goldman wrote in a report, “We believe that these proposals, provided they are successfully implemented, could further brighten our already positive macroeconomic outlook for the Philippines.”

Goldman analysts reckoned that the ‘decisive, strong political-willed’ president’s warranted protocols should fuel business confidence. They expect a 6.7% up to 7% increase in potential growth through investment, demographic and productivity.

“His incoming administration sketches an economic agenda conducive of market-friendly growth-oriented policies, which are likely to continue to fuel the secular growth story of the Philippines.”

“The cabinet formation, optimism of the business community and early pronouncements are all indicative that the upcoming administration will conduct growth-oriented and business-friendly policies.”

With outgoing President Benigno Aquino Jr. living behind one of the best performing economies in the globe, the country had its first investment-grade sovereign rating. The 6.9% growth in the first quarter exceeded that of China’s.

Carlos Dominguez, succeeding finance chief, reassured investors that the next president is a sensible leader who plans to continue the policies that propelled the economic rating upward.

President-elect Rodrigo Duterte will assume office on June 30.

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