DBS Bank of Singapore maintained its gross domestic product growth forecast for the Philippines this year at 6.1 percent, saying the robust private consumption will offset any potential drag from a moderation in investments ahead of the May presidential elections.
The bank in a report Friday said the strong fourth-quarter gross domestic product expansion of 6.3 percent might continue and be carried over this year.
“GDP growth picked up momentum in the fourth quarter [to 6.3 from 6 percent in the third quarter] and this is likely to translate into stronger growth this year,” DBS said.
“The expansion in investment could moderate amid possible delays in some government projects ahead of the elections. But private consumption remains robust above 6 percent, providing the underlying support to the economy. We maintain our GDP growth forecast at 6.1 percent this year,” it said.