RHB | Philippines | Strong Growth Momentum Maintained For 2H 2014

Economic Research	23 Sept 2014
Philippines
Economic Outlook
Strong Growth Momentum Maintained For 2H 2014 The Philippine’s real GDP growth picked up to 6.4% y-o-y in 2Q 2014, from a revised +5.6% recorded in 1Q and compared with +6.3% in the 4Q of 2013, on the back of a resurgence in manufacturing activities and exports. Economic activities are envisaged to pick up in the 2H with growth momentum expected to continue into 2015 on sustained manufacturing activities and exports while public and private investments are also expected to recover amid a step-up in reconstruction and rehabilitation efforts in Yolanda-affected areas. We maintain our full-year real GDP projection at 6.5% for 2014 with growth expected to improve to 6.9% y-o-y for 2H 2014, from +6.0% in the 1H, before picking up to +7.1% in 2015. Economist:  Peck Boon Soon  | +603 9280 2163