AMRO sees steady growth for Philippines

THE ASEAN+3 Macroeconomic Research Office (AMRO) maintained its Philippine growth projections for this year and next year, despite global trade uncertainties.

- Katherine K. Chan

In its latest ASEAN+3 Regional Economic Outlook, AMRO said it sees the Philippine economy growing by 5.6% this year and 5.5% in 2026, unchanged from its July estimates.

If realized, the Philippines would be the second-fastest growing economy in the region until 2026, behind Vietnam which is seen to grow by 7.5% this year and 6.4% next year.

While the AMRO’s projection for 2025 was within the National Government's 5.5-6.5% target but below the 6-7% goal for 2026.

AMRO Group Head and Lead Economist Runchana Pongsaparn said the Philippine gross domestic product (GDP) growth projection for 2025 and 2026 are slower than the 5.7% expansion in 2024.

“It’s partly because of the weaker export, just like in other countries in the region, where we expect that the impact of the US (United States) tariff is going to kick in towards the end of the year and next year,” she said in an online briefing on Thursday.

Since August, Philippine goods entering the US have been slapped witha 19% levy, the same rate imposed on the country’s neighbors Indonesia, Cambodia, Malaysia and Thailand.

Ms. Pongsaparn said they expect Philippine consumption to grow steadily on the back of slower inflation, a robust labor market and remittances.