Analysis by Region - Emerging Markets - Philippines
We continue to forecast the Philippines' GDP will expand by 5.7% in 2024 and 5.9% in 2025, reflecting a slow improvement in domestic consumption and soft external demand. Economic activity grew by 6.3% y/y in Q2, led by sharp year-on-year expansions in public investment and government consumption. On a sequential basis, Q2 GDP only increased by 0.5% q/q.
Philippines: Two more rate cuts are expected in Q4