ADB Revises Growth Outlook

Asian Development Bank (ADB) downwardly revised its growth outlook for both the ASEAN region and the rest of Southeast Asia, largely due to expectations of a slowdown in China’s economy. The institution noted that the Philippines remained strong given its 7.8% first quarter growth and that they expect the country to experience robust growth over the next two years on the back of strong consumption, and increased government and private spending amid modest inflationary pressures.

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The bank is maintaining its 6.0% 2013 GDP growth for the Philippines. Likewise, the outlook was positive for some developed economies as the ADB upwardly revised its growth forecast for Japan to 1.8% (prev: 1.2%) while the forecast for the US was unchanged at 2.0%.

The country’s sugar output climbed 9.6% year-on-year to 2.457 million metric tons (MT) in June from 2.24 million MT, according to the Sugar Regulatory Administration (SRA). SRA Manager for Planning and Policy Rosemarie Gumera said that the increase in sugar output was mainly attributed to the increase in land area available for plantation as well as good weather conditions.

She pointed out that there was a 4,000-hectare increase in sugarcane area, from a total of 422,000 hectares previously to 426,000 hectares this year, which resulted to a better sugar yield and cane tonnage in sugar output.

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