Global source sees Mania growing at low end of goal
By Katrina Mennen A. Valdez
THE Philippine economy would likely grow at the governmentโs tail end projection as the country faces more serious challenges in the second half of the year, according to a private think tank.
Citing the expected bump in government spending in the second half, Global Source Partners said it is sticking to its 4.8-percent gross domestic product (GDP) growth projection for the Philippines despite the challenges of slower remittance inflows and exports.
โAt this time, we are still sticking to our projection of 4.8 percent growth for the year, though it is obvious the economy now confronts stronger head winds,โ Global Source said.
Philippine GDP growth slowed to 4.9 percent in the first quarter, from 8.4 percent in the same period last year.
The think tank said the leading economic indicators index released by the National Statistical Coordination Board suggests an increased lethargy in the economy in the second quarter.
The think tank said the woes in the Middle East and North Africa (MENA) region, combined with the continued sluggishness in Europe, would adversely affect remittances, which would remain relatively flat in the short term.
โIt may just be a matter of time before [remittance] starts dragging down personal consumption,โ Global Source said.
It, however, said the sustained strong performance of the business process outsourcing (BPO) sector is encouraging, citing the Board of Investments statement that several US BPO firms would be setting up shop in the coming months.
โConditional on commodities prices stabilizing [oil specially], which they appear to be undergoing relative to their March and April levels, net exports might also experience a slight pick up the rest of the year.
However, this will be tempered by economically sluggish export markets, especially Japan which was reported to be in recession as of the first quarter,โ Global Source said.
It also cited the possible adverse impact on purchasing power should inflationary pressure continue to build up and the Bangko Sentral ng Pilipinas raises further interest rates or tweaks reserve requirements to contain price surges.
โOn the bright side, the rest of the year may see a bump in public spending as the government is said to be looking at expediting the utilization of government budgets,โ Global Source said.
Source: http://www.manilatimes.net/business/global-source-sees-manila-growing-at-low-end-of-goal/
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Three new casinos, another world-class 36-hole golf course, several new hotels and resorts of varying class of luxury have opened in Philippines Clark Freeport over the last six months. Samsung Electronics just broke ground for a US$5 billion electronics plant, coincidentally in a location adjacent to the US$2 billion plant of US chip manufacturer Texas Instruments. Hundreds of hectares of prime land in the 4200-hectare main zone of Clark Freeport have quickly been occupied. Almost the entire central business district has gone off the map of available land in this fast-growth investment destination.
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