Manila: The Philippines is expected to continue to be one of the region's top performers, likely growing by over 6 percent until 2026, HSBC Philippines said. "So [in] the Philippines, our economic growth has been very encouraging, and we've seen all the reforms the last 20 years. We've had two decades of very, very strong reforms that have really prepared the economy to be able to progress, really, to the next level," said HSBC Philippines head of markets and securities services Corrie Purisima in a briefing held at the Shangri-la at the Fort in Taguig on Tuesday. According to Philippines News Agency, Purisima said that HSBC Global Research projects the Philippine economy to grow by 6.4 percent next year. Economic growth is forecast to further accelerate to 6.7 percent in 2026, likely to be the highest in the Association of Southeast Asian Nations (ASEAN) region. HSBC believes that economic growth will be supported by the country's young and working population. "What was covered in our research is that the Philippines is actually the last to peak in terms of working age in ASEAN, and we will be growing our working age population by 15 percent from 2025 to 2035 so we're the last in ASEAN, and it will bring a lot of opportunities for investments in the country," she said. Purisima also highlighted that the growth in overseas remittances and services exports will contribute to boosting economic growth. "And that is still a bright spot in the Philippines, because our inflows from our services export has now surpassed the overseas remittances, and it's at around US$35.5 billion now. And wherein our overseas remittances is at around US$33 billion so all of those are contributing to the still strong economic progress of the country," said Purisima. HSBC Philippines president and chief executive officer Sandeep Uppal remarked on the country's potential to be "Asia's Superstar." He stated that addressing mobility problems and proper implementation of trade liberalization will further enhance economic growth. "If you 're already doing a great job in the public-private sector, if you get that so much better, number of trade liberalizations have been announced and have been put in play in the last two years," he said. "Now clearly they are all at various stages of execution so if they get executed exactly the way is in visage, maybe that's what takes us there," he added.
HSBC Predicts Robust Economic Growth for the Philippines as ASEAN Leader.
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HSBC Predicts Robust Economic Growth for the Philippines as ASEAN Leader.
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