MANILA - Credit Suisse said Monday it upgraded its growth forecast for the Philippine economy after the second quarter clip beat expectations.
The Swiss lender said it expected gross domestic product to grow 6.1 percent this year, slightly higher than its original 6 percent forecast.
The government reported last week that GDP grew 6.5 percent from April to June, faster than the previous 3 months and beating forecasts as public spending offset a slowdown in private investments.
Credit Suisse said it expected growth to be moderate in the second half as private consumption weakens due to an unusually weak labor market.
It added exports would be moderate in the July to December period after a strong performance in the first half.