Philippine economy likely to see 'acceleration' due to easing inflation: economist


Posted at Jun 09 2023 11:30 AM

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The Philippine economy is expected to see “accelerated growth” in the second half of the year due to the downward trend of inflation that can boost consumer confidence, BPI Lead Economist Jun Neri said on Friday.

Gross domestic product (GDP) could grow by 6.5 percent or more this year, following 6.4 percent expansion in the first quarter, he said.

Inflation eased for the 4th straight month in May to 6.1 percent.

“After we saw the first quarter numbers you're pretty much encouraged now that inflation is starting to slow down sharply that we think will create more confidence for Filipino consumers to spend… We're actually looking at acceleration in the second semester,” he said.

The government expects GDP to grow by 6 to 7 percent this year.