MANILA – Investments will drive economic growth higher, offsetting drags from weak exports and drought-hit agriculture, a top fund manager said Friday.
Gross domestic product grew 7 percent in the April to June period, beating forecasts and maintaining its status as Asia’s fastest-growing economy. This brought average growth in the first half to 6.9 percent compared to the government’s full-year target of 6 to 7 percent.
Investment spending in the country has grown 27 percent in the last four quarters, said First Metro Asset Management President Gus Cosio, who manages P14 billion in assets.
“We have been following the investment-led growth theme, this is really where we can see a sustained driver for our economy,” Cosio told ANC’s “Market Edge with Cathy Yang.”