HSBC hikes anew Philippine growth forecast to 6.5%

The Hongkong and Shanghai Banking Corp. Ltd. raised anew the country’s economic growth forecast as the Philippines continued to stand out as one of the strongest performers in Asia. In its latest Asian Economics report for the fourth quarter, HSBC economist Joseph Incalcaterra said the country’s gross domestic product (GDP) growth projection has been revised upwards to 6.5 percent instead of 6.3 percent this year due to the stronger-than-expected expansion in the first half. The country’s GDP growth accelerated to seven percent in the second quarter of the year from 6.8 percent in the first quarter amid the strong boost from election related spending. (Image: Reproduction/Philstar) This brought the GDP expansion in the Philippines to 6.9 percent in the first half from 5.5 percent in the same period last year. “The Philippines continues to stand out as one of Asia’s strongest performers. Following the strong outturn of growth in the...