Economy / Philippines
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Macroeconomic Forecast Philippines
March 2004 | Macroeconomic ForecastsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Rising political risk ahead of presidential elections on May 10 will depress domestic demand during 2004, when we expect flat real GDP growth of 4.5%. Pre-election uncertainty, together with poor fiscal results, is already pushing up market interest rates: the benchmark 91-day Treasury bill rate rose to 7.62% at the latest auction on March 15, from 6.44% the previous month. The local currency, the peso, is trading at life-lows of PHP56.45/US$.