Makati CBD
MANILA, Philippines — The traditional engines of growth that once made the Philippines one of Asia’s fastest-growing economies are losing momentum, a troubling shift that will require bold structural reforms to reverse, New York-based think tank GlobalSource said.
In a report dated Aug. 11, GlobalSource economists Diwa Guinigundo and Wilhelmina Manalac said the oil price shock stemming from the Middle East crisis only exposed and intensified structural weaknesses that have weighed on the economy for years.
READ: PH Q2 growth seen easing to over 17-year low
Article continues after this advertisement
