SWISS FINANCIAL services firm UBS AG has hiked its 2012 growth forecast for the Philippines to 5.8% after the economy remained strong in the second quarter.
“Philippine real GDP (gross domestic product) expanded 5.9% on the year, beating consensus expectations of 5.5% and our own forecast of 3.7%…” UBS said in a research note released yesterday.
UBS had projected 3.3% growth at the start of the year. Its latest estimate now falls within the government’s 5-6% target.
However, UBS kept its 2013 forecast of 4.7% — well below the offical 6-7% goal — as a global trade slump continues.
UBS also weighed in on monetary policy, predicting that the Bangko Sentral ng Pilipinas will keep rates on hold next week.
The central bank, it said, “intends to make further use of macroprudential measures rather than policy rate adjustments in the immediate future.” –Businessworld
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