(File photo) MANILA - Moody's Analytics forecasts the sustained expansion of the Philippine economy in the second quarter of 2022 at 8.8 percent. In its Asia Pacific Economic Preview for the week covering Aug. 8-12, 2022, the subsidiary of Moody's Investors Service said the projected growth of the domestic economy from April to June this year "have put the country on track to comfortably meet its GDP (gross domestic product) target of 7-9 percent in 2022." "Private consumption and investment will buoy second-quarter growth, but higher inflation rising interest rates, and fiscal consolidation will see the economic expansion slow in the second half of the year," it said. Economic managers have earlier reduced the growth target for this year between 6.5-7.5 percent on account of the impact of domestic and external developments. The domestic economy grew, as measured by GDP, by 8.3 percent in the first three months of this year, sustaining its expansion since re
REMAIN STRONG. The Philippine economy is expected to remain strong amidst the threat of inflation and monetary policy tightening around the world. It is seen to grow at around 8 percent level for the second quarter. (PNA file photo) MANILA - Growth in the second quarter and the rest of 2022 is expected to remain strong amid the threats of inflation and other external events. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort forecasts second quarter economic growth of at least 8 percent, "largely driven by the further reopening of the economy towards greater normalcy." Ricafort said easing of movement restrictions, with more than 80 percent of localities nationwide under Alert Level 1, is "an important turning point in the country's economic recovery" compared to year-ago. He said the spike in local coronavirus disease 2019 (Covid-19) and delays in the arrival of Covid-19 vaccines in early 2021 served as a low base to this year's fi