Monday, 21 September 2009

PHILIPPINES: Goldman Sachs, DBS turn bullish on RP

Diaspora Journey: It is remarkable how remittances from overseas Filipino workers help in time of economic crisis.

By Michelle Remo, Ronnel Domingo
Philippine Daily Inquirer
First Posted 00:04:00 09/21/2009


FOREIGN FINANCIAL INSTITUTIONS are turning bullish on the Philippines after the local economy showed resilience in the first half of 2009 and avoided falling into a recession.

Goldman Sachs has raised its economic growth projections for the Philippines, saying stable remittances and pump-priming by the government would help boost the country’s productivity to levels higher than initially expected.

Singapore-based DBS Bank also raised its forecast growth for the Philippines’ gross domestic product (GDP) for 2009 to 1.6 percent from 0.5 percent, citing “the strong second-quarter rebound.”

In a paper on the Philippines, Goldman Sachs said it now expected the domestic economy to grow 1.6 percent this year and by 4.2 percent in 2010. Read more

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