By: Debra Magallon-Estero
THE Metropolitan Bank and Trust Company (Metrobank) believes the Philippine economy will grow this year despite the global economic crisis.
According to data released by Metrobank’s research team, the domestic economy is expected to grow by an average of 3.4 percent supported by the services industry and personal consumption.
“The country will draw strength from the business process outsourcing sector and remittances from overseas Filipino workers (OFWs),” the statement read.
Inflation rate is also seen to slow down at an average of five percent by the end of 2009 should oil and commodity prices “continue to ease in the world markets,” the data said.
Consumer confidence
In 2008, the average inflation rate was 9.3 percent.
Metrobank’s data showed that consumer confidence have already started to improve in the fourth quarter of 2008, when oil and food prices dropped and a business upturn was experienced due to the holiday season.
Consumer confidence index during the last quarter of 2008 rose by 12.5 index points.
However, the bank also expects the peso to “weaken further in 2009” because of a slowdown in export earnings and remittances. With this, Metrobank estimated that the peso will hit P53 to a $1 by the end of this year.
The same research data also showed that the country “is not seen to slip into a recession” and is instead expected to post “modest” growth figures. (DME)
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