Australia’s Macquarie Bank is optimistic the Philippine economic growth will be intact at 6.2 percent in 2022, citing the reopening of the economy post Covid-19 and post-election will likely see consumption return.
Wealth Management Director for Macquarie Bank Martin Lakos revealed its GDP forecast during the Australia-Philippines Economic Outlook event organized by the Australia Philippine Business Council on Thursday, 12 May, just days after a historic election in the country.
With that, Lakos said they expect policy rates “to rise to 2.5 percent in the second quarter of 2022 and further see an upside risk to this forecast.” Beyond the Philippines, he said, the outlook is also looking good for Australia and the rest of the Asia-Pacific region. Philippine Trade Representative to Australia Alma Argayoso also noted that the Philippine economy also expanded to 8.3 percent year-on-year in the first quarter of 2022 exceeding the pre-pandemic first-quarter level.
Argayoso presented strategic opportunities in key industry sectors in the Philippines and highlighted the country’s strengths in delivering world-class IT-BPM services beyond voice, as well as its capability and capacity to meet diverse industry requirements of clients worldwide in electronics, automotive, aerospace, and copper mining industries.
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