The Philippine economy is expected to accelerate above 7 percent in 2017, data in an article published by the Philippine News Agency showed.
Citing the reports of the First Metro Investments Corp. (FMIC) and the University of Asia & the Pacific (UA&P), the article said that the "2.1 million new jobs and higher peso value for overseas Filipino workers (OFW) remittances will boost a 7-percent and above growth in consumer spending, which accounts for over 70 percent of gross domestic product (GDP)”.
The FMIC and UA&P’s joint report entitled “The Market Call” attributed the positive forecast to the investment-led growth of the economy as well as the high manufacturing output, positive peso OFW remittances and exports recovery.
"This pace should accelerate slightly in 2017 as the domestic demand growth drivers are intact, while an added boost may come from exports,” the report said.
Source: Philippine News Agency