'Phl set to become top performer in Asean'

The Philippines will soon emerge as the top economic performer in the Association of Southeast Asian Nations (ASEAN), thanks to reforms that have strengthened the country’s global trade position and growth potential, according to HSBC Global Research.

- KEISHA TA-ASAN

HSBC economist for ASEAN Aris Dacanay said reforms in the Philippines have made the country more influential in the global economy as its share to global trade has risen by 0.11 percentage points since 2018, the second highest in the region.

“In the next five years, we believe that the Philippines could become ASEAN’s leading performer. Growth was averaging 6.5 percent prior to the COVID pandemic,” Dacanay said.

“In 2025 and 2026, we expect that the Philippines will be the second fastest growing economy in ASEAN behind Vietnam and the third fastest in Asia,” he added.

Dacanay cited the International Monetary Fund’s latest World Economic Outlook, in which the IMF projects the Philippines becoming the 28th largest economy by 2029, an improvement from the 33rd rank today.