ADB upgrades forecast for PH to 7 percent

The Asian Development Bank (ADB) has upgraded its growth forecast for the Philippines to 7 percent this year from an earlier projection of 6 percent, as booming investment and consumption continue to underpin an “economic renaissance” in the country.

On the other hand, debt-watcher Standard and Poor’s (S&P) also revised its growth forecast for the Philippines this year. In its latest report titled “After the Financial Crisis, Is Asia-Pacific An Export-Lighter, Credit-Heavier Model?,” S&P said that the country is seen to grow up to 7.1 percent in 2013. S&P’s September forecast for the Philippines was higher compared to its earlier estimate of 6.9 percent.