A Bend in the Road

PHILIPPINES - Forecast 06 Aug 2014 by Romeo Bernardo and Christine Tang
Executive SummaryAt a time of slowing growth, rising inflation and visible signs of infrastructure constraints, an adjudged bend in the administration’s Daang Matuwid has left the President not only with reduced degrees of freedom to invigorate the economy but also dented his corruption-fighting image. We are downscaling our growth forecasts for 2014 and 2015, expecting also less accommodative macroeconomic policies. In light of the significance many attached to the sharp drop in the President’s popularity scores, we think that the election season may have inadvertently come early for the P...

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