The Philippine Economy in 2007 and Prospects for 2008

February 2008 (388KB)
The Philippine economy capped the year 2007 with a GDP growth of 7.3 percent, its highest in 31 years. The government and private institutions, however, are in agreement that this feat will be difficult to replicate in 2008 as the Philippines faces three major challenges - the growing risks of US recession; the rapid rise of the peso; and the escalating prices of oil in the world market. The key challenge lies in mitigating the impact of these risks.