The Philippines's GDP to average 6.6% in next five years

Philippine economic growth is expected to remain above 6 percent in the next five years, debt watcher Fitch Ratings Inc. said in its latest recent report.

The Philippine House of Representative passed a comprehensive tax reform at the end of May which aims to lower personal and corporate tax rates while expanding the tax base, resulting in a net-positive gain to government revenue.

However, negative sensitivities include the "deterioration in governance standards or political stability," as well as the "weakening of external buffers."

The International Monetary Fund (IMF) said it expects the Philippine GDP to reach 6.8 percent this year, while First Metro Investment Corp. (FMIC) penciled in a 6.5 to 7.0 percent growth. The inter-agency Development Budget Coordination Committee (DBCC) earlier said it targets a 6.5- to 7.5-percent growth this year.