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Forecast Update: Local and global factors’ tug of war
Conditions support domestic demand, but challenges lie on the external front.
By Metrobank Research
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The Philippine economy grew slower than expected in the first quarter, as recovery in consumption and surging government spending were offset by weak exports and investment.
Following the start of the Bangko Sentral ng Pilipinas’ (BSP) monetary easing in August last year, we expect its full impact to materialize in the next quarters through increased private investment and household spending.
Read: GDP Update: Underwhelming growth to prompt more rate cuts
On the sectoral side, the agricultural sector is projected to rebound, as we expect more favorable weather conditions this year post the 2024 El Niño episode.
These will provide a boost to the economy.
However, downside risks remain and may even outweigh upside momentum. Heightened uncertainty and the bleak global economic outlook should
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