THE PHILIPPINE ECONOMY grew by 5.7% in the first quarter, outdoing most of its peers in Southeast Asia despite slowing consumption and government spending, according to the local statistics agency.
But the expansion was below the 5.9% median forecast of 20 economists in a BusinessWorld poll last week. The less-than-expected growth makes a case for the Philippine central bank to keep rates steady next week despite quickening inflation.
“Despite various risks and challenges, the economic outlook for the Philippines in the near and medium terms remains bright,” National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan told a news briefing on Thursday.
“With hard work and the right policies in place, we are confident that we will achieve our growth target of 6-7% this year,” he added.
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