‘Imports to grow by double digits this year’

The country’s merchandise imports are expected to maintain “double digit” growth for the remainder of the year, driven by the robust demand for capital goods and building materials as the country moves to ramp up infrastructure spending and housing projects.

“We expect import growth to mostly remain in double-digit territory as domestic activity continues to be robust. The growing demand for capital goods and building materials—metals and non-metallic minerals—points to firms planning to expand based on positive growth prospects and higher construction activity,” Metrobank said in a weekly market review.