Fitch Group unit Business Monitor International (BMI) has upgraded its 2018 growth forecast for the Philippines to 6.5% from the previous estimate of 6.3% after the gross domestic product expanded 6.8% in the first three months of this year. However, BMI said it is sticking to its view that economic growth will moderate over the coming quarters as monetary conditions were expected to tighten further. It added that even as the Philippines continues to enjoy positive demographics, the economy is showing signs of overheating, and the deterioration in the business environment could weigh on private investment. BMI said that while the Monetary Board increased the benchmark overnight rate by 25 basis points to 3.25 percent on May 10, inflation is likely to remain an issue over the coming months.
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