The Asian Development Bank (ADB) on Wednesday raised its forecast on Philippine economic growth to 7 percent this year, citing a boom in investment, consumption and remittances as main drivers on the back of healthy macroeconomic fundamentals.
In a briefing, ADB Philippines country director Neeraj Jain said the latest outlook comes from a 6 percent projection in April. He was talking to reporters at the bank’s headquarters in Mandaluyong City.
The multilateral lender also raised its 2014 growth forecast to 6.1 percent from 5.9 percent, with robust public and private spending fueling the expansion beyond 2013.
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