After having revised downwards the growth forecasts of the main Asian economies, led by China and Japan, Standard & Poor's rewarded the Philippines with an increase in its 2012 growth forecasts, arguing that the country would be able to face the unfavorable developments of the world economy.
In its report titled “Asia Pacific Feels the Pressure of Ongoing Global Economic Uncertainty,” in which the company revised its estimates in light of the protracted eurozone debt crisis and weak US growth, S&P pointed to a new growth rate of 4,9 percent, compared with the previous 4,3 percent. Among the reasons for the better hold is the lower dependence on exports (which account for 30% of GDP) to fuel economic growth compared to other Asian countries. However, this outlook remains lower than government forecasts of an increase of between 5 and 6 per cent. The Philippine government remains confident in its data, citing growth above its first-half target of 6,1 percent, one of the highest growth rates in the region.
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