Domestic demand will be the key economic driver for growth in the Philippines 2020, on the back of increased government spending, relatively benign inflation and supportive monetary policies. However, the full effects of the coronavirus outbreak are yet to be calculated.
The country's national treasurer explains the government's action plan to facilitate a sovereign rating upgrade to the coveted A status. Prioritising domestic debt fundraising over international and expanding its product mix to include sukuks and green bonds are part of the answer.
The Philippines is on track to meet its key 2019 targets. With one of the highest GDP’s in Asia, inflation falling to a new low, and international reserves on the rise, this should be enough to attract investors.