A drone shot captures the picturesque view of Laguna Lake in the background of the Ortigas Business District on March 28, 2024.MANILA, Philippines — Philippine economic expansion may pick up in the coming months, with growth seen averaging 6.2 percent this year, well within the government’s six to seven percent target, according to BMI Country Risk & Industry Research.“The result is largely consistent with our 6.2 percent full-year growth forecast, which we maintain.
“The data suggest investment has taken a hit due to high borrowing costs. But we expect the central bank to start easing in July, which would bring some small measure of relief,” BMI said. If the BSP keeps rates higher for longer, the Philippine economy may then post a weaker economic growth than what BMI currently forecasts.
With private consumption still struggling, Chanco and Krshnan expect economic growth this year to be slower than last year’s. They said remittance growth is unlikely to provide much support as consumer confidence is weakening and finances remain fragile, with savings hit multiple times since 2020. Tycoon Lance Gokongwei has joined the board of Manuel V. Pangilinan-led SP New Energy Corp. , a company that is well...
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Philippine economy grows by 5.7% in Q1 2024The latest economic print is slower than last year’s growth in the same period with 6.4% but higher than the fourth quarter of 2023 with 5.5%.
Source: PhilstarNews - 🏆 1. / 94 Read more »
Philippine economy grows by 6.4% in Q1 2024The latest economic print is slower than last year’s growth in the same period with 6.4% but higher than the fourth quarter of 2023 with 5.5%.
Source: PhilstarNews - 🏆 1. / 94 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »