FMIC, UA&P see 6.6% growth despite Covid-19

First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) remain optimistic about the Philippine economy this year, even as they see the negative impact of the Taal Volcano eruption and coronavirus disease 2019 (Covid-19) on the tourism sector that could drag growth in the first quarter.

In the latest issue of “The Market Call” released on Monday, FMIC and the UA&P said “the negative impact of the Taal volcano eruption and Metro Manila consumers avoiding malls with the lingering Covide-19 impact on tourism may only result in a 0.4- to 0.8-percent reduction in GDP (gross domestic product) growth in the first quarter of 2020.”