Philippines Petrochemicals Q2 2019
While chemicals output has grown fast on the back of new capacity, the production of rubber and plastic products isstagnating, indicating weaknesses in the petrochemicals value chain. We have maintained our annual average polymerconsumption growth forecast for 2018-2023 at 7%, putting it more in line with expected industrial growth rates. Downside risksremain, particularly the increasing violent authoritarianism of President Rodrigo Duterte and significant exposure to the Chinesemarket. The business environment appears to be deteriorating as the Duterte administration is more focused on the war on drugsand domestic security threats.
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