InterAksyon.com means BUSINESS
MANILA – The Philippine economy is still looking "good" despite the effects of the continued recession in the Euro zone and slowdown in the US, according to FMIC-UA&P Capital Market Research Center.
"While the economy's growth may seem to ease, the outlook for second half remains positive considering that Meralco electricity sales in July remained elevated particularly for the industrial sector," FMIC-UA&P said in a report.
The report said Philippine gross domestic product growth in the third quarter as well as for the whole year would settle at 5.5-6 percent.
The FMIC-UA&P report attributed the modest growth to strong domestic consumption and further national government spending as well as improved bank lending performance, offsetting the exports deceleration.
"Better export up ticks will have to wait for the fourth quarter when the US and East Asian economies are expected to speed up again in response to third quarter fiscal and monetary stimuli," the report said.
The National Statistical Coordination Board earlier reporter that the economy may slow down in the third quarter as the composite leading economic indicator dropped to 0.146 after four quarters of successive increases beginning in the third quarter of 2011.
In the first six months, GDP grew by 6.1 percent, faster than last year's 4.2 percent, and at the top end of the government's full-year target of 5-6 percent.
InterAksyon.com means BUSINESS
Who has accounts in offshore tax havens? Investigative journos post database online
COCKTALES | PCSO names PNoy campaign funder to arbitrate lotto case of Cojuangco in-law
FAT-FREE ECONOMICS | Breaking down the Philippine economy's stunning 7.8-pct growth in 1Q
