Q3 GDP in the Philippines, published today, was down in q/q terms. We were the only one of those surveyed by Bloomberg to forecast that there would be a contraction, but we remain positive on the outlook. The private sector is well-placed to lift GDP again in coming quarters even as policy stimulus is withdrawn. What’s more, the government should be able to accelerate the implementation of infrastructure improvement projects. The risk that the Philippines cannot deliver looks low.
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