Macroeconomic Forecast Philippines

We have revised our Philippine growth forecasts for 2009 and 2010 from 0.9% and 2.4% up to 1.5% and 2.6% respectively in view of upward revisions to export performance on the back of a stronger-than-expected economic recovery in important overseas markets. Moreover, robust resilient remittances and fiscal stimulus should continue to bolster domestic demand in H209 and 2010.

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