MANILA - The growth of the Philippine economy likely slowed further in the second quarter, bucking the projected rebound of most of its counterparts in Southeast Asia, according to the economic research and analysis arm of credit watchdog Moody's Investors Service.
In its latest commentary, Moody's Economy.Com said the Philippines' gross domestic product (GDP) may have grown by only 0.1% in the three months to June after an already measly growth of 0.4% in the first quarter.
The agency's forecast for the local economy was in contrast with those of neighboring countries, which it said, have rebounded from contractions.
It noted, however, that the Philippines' expected slower growth could only be blamed on base effects. It said the Philippines posted a relatively healthy growth of 4.6% in the second quarter of last year.
"In the Philippines, growth in year-on-year terms will fall. But this drop stems from a strong result in the second quarter of 2008," Moody's Economy.Com said.
Across the region, it noted that efforts to stimulate economies have been successful.
"Nearly all ASEAN economies have emerged from recession, according to second quarter GDP results," it said.
Moody's Economy.Com is a division of Moody's Analytics Inc. (MAI), which is engaged in economic research and analysis.
The agency said its commentaries have no bearing in credit ratings of countries, noting that these are not reflective of the opinions of Moody's Investors Service. Both MAI and Moody's Investors Service are subsidiaries of Moody's Corp.