Macroeconomic Forecast Philippines

November 2006 | Macroeconomic Forecasts

BMI View: Improving macroeconomic fundamentals have led us to become more optimistic about Philippine growth in 2006, despite the economy slowing in Q306. Real GDP grew by a seasonally adjusted 0.3% q-o-q, down from a revised 2.0% in Q206. Nevertheless, annual growth of 4.8% in Q306, following a revised 5.8% y-o-y expansion in Q206 and 5.7% in Q106, puts the economy on track to exceed in 2006 the 5.0% growth recorded in 2005. Strong remittance inflows, which are driving robust private consumption, together with resilient exports, will support a respectable full-year growth figure. While we remain somewhat cautious in our

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