Consumers, remittances shield PH vs Fed hike - UBS

The Philippine economy will go largely unscathed from a likely US Federal Reserve move to raise its key policy rates later this year, given ample financing support from local consumer spending, remittances and low oil prices, UBS Investment Bank said.

Paul Donovan, UBS Investment Bank senior global economist, told reporters in a press briefing on Wednesday the Philippines and other Asian economies are expected to see “relatively limited impact” from any such decision by the US Fed.