Q1 GDP will be 'impressive' - BSP


Posted at May 30 2013 08:31 AM | Updated as of May 30 2013 05:58 PM

MANILA, Philippines -- The Bangko Sentral ng Pilipinas expects the country's first quarter economic growth to be "impressive," as suggested by various demand indicators.

In an interview with ANC's Inside Business, BSP Deputy Governor Diwa Guinigundo said "I'm betting it's going to be impressive... All the indicators point to the fact that the Philippine economy remains very strong."

He recounted: "Energy sales--commercial, industrial and residential--and sales of passenger vehicles--also commercial and industrial--they're very resilient, very strong; volume and value of production [are] very resilient; and public spending also accelerated in the first quarter, there was frontloading so that should bring your growth to high levels."

The government will be releasing the first quarter gross domestic product (GDP) data today (Thursday).

On Wednesday night, the National Statistical Coordination Board revised the 2012 GDP growth to 6.8% from an earlier 6.6%, after the fourth quarter GDP figure was hiked to 7.1% from 6.8%.