Nomura Securities Co. raised its economic growth forecast for the Philippines to 6.7% this year, a 0.4% rise from its previous forecast. Nomura said it decided to raise its forecast due to stronger investment spending and rise in electronics exports. The government has placed its growth estimates between 6.5% and 7.5%. The economy grew by 6.9% last year. Earlier, IHS Markit said the country’s economic growth could hit 6.3% this year, citing as growth engines the information technology-business process outsourcing industry and remittances from overseas Filipinos. Standard Chartered and Deutsche Bank also revised upward their gross domestic product growth forecasts to 6.8% and 6.2%, respectively.
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