Philippine Q2 growth seen at 8%

Reading Time: 1 minute

manilaThe Philippines’ strong economic growth is set to continue in the second quarter 2013 after hitting a record high in the first three months of the year.

According to a forecast by the country’s largest bank, Metrobank, growth could reach 8 per cent in the second quarter, driven by infrastructure spending of both the public and private sectors.

An analyst of First Metro Asset Management said the Philippines’ GDP could grow between 7.5 to 8 per cent for the whole of 2013, exceeding government estimates of 6 to 7 per cent for 2013.

Growth will also be driven by the export sector, the forecasts stated, being supported by the recovery of the US economy and gradually Europe and Japan, but most of all from strongly rising demand within Southeast Asia.

The formerly neglected manufacturing sector in the Philippines is also gaining strength. In 2012, foreign direct investment into the manufacturing and industry surged to over $1 billion, from just $119.4 million in 2011.

However, analysts outside the Philippines remain more cautious. Singapore-based DBS Bank said its growth forecast for the Philippines for 2013 is 6.4 per cent.

Barclays bank said the Philippines is seen to grow by 6.2 per cent in 2013 and 6.3 per cent in 2014. Moody’s says it expects GDP growth to remain in the 6.5 to 7 per cent range in 2013 and 2014, and the International Monetary Fund put anticipated growth for 2013 at “roughly around 6 per cent.”

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 1 minute

The Philippines’ strong economic growth is set to continue in the second quarter 2013 after hitting a record high in the first three months of the year.

Reading Time: 1 minute

manilaThe Philippines’ strong economic growth is set to continue in the second quarter 2013 after hitting a record high in the first three months of the year.

According to a forecast by the country’s largest bank, Metrobank, growth could reach 8 per cent in the second quarter, driven by infrastructure spending of both the public and private sectors.

An analyst of First Metro Asset Management said the Philippines’ GDP could grow between 7.5 to 8 per cent for the whole of 2013, exceeding government estimates of 6 to 7 per cent for 2013.

Growth will also be driven by the export sector, the forecasts stated, being supported by the recovery of the US economy and gradually Europe and Japan, but most of all from strongly rising demand within Southeast Asia.

The formerly neglected manufacturing sector in the Philippines is also gaining strength. In 2012, foreign direct investment into the manufacturing and industry surged to over $1 billion, from just $119.4 million in 2011.

However, analysts outside the Philippines remain more cautious. Singapore-based DBS Bank said its growth forecast for the Philippines for 2013 is 6.4 per cent.

Barclays bank said the Philippines is seen to grow by 6.2 per cent in 2013 and 6.3 per cent in 2014. Moody’s says it expects GDP growth to remain in the 6.5 to 7 per cent range in 2013 and 2014, and the International Monetary Fund put anticipated growth for 2013 at “roughly around 6 per cent.”

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid