Q1 GDP ‘favorable’ on strong private demand

Growth in the Philippine economy remained “favorable” in the first quarter of the year, driven by strong private demand and surging remittances amid a low-inflation environment, the central bank said ahead of the official release of first-quarter gross domestic product data (GDP) next week.

The BSP does not publish quarterly forecasts for GDP growth. “Nevertheless, the BSP is of the view that prospects for the domestic economy remain favorable,” BSP Governor Amando Tetangco Jr. said in an email to reporters on Monday.