Philippine economy forecast to grow 6% this year; BPO sector among drivers

The Philippine economy is forecast to expand by at least 6% this year due to sound macroeconomic fundamentals and robust domestic consumption, according to a forecast made by First Metro Investments Corp (FMIC), the investment banking arm of Metropolitan Bank & Trust Co, and DBS Bank Ltd. Among the drivers of the economic growth this year are the country’s growing business process outsourcing (BPO) sector, stable peso, moderate inflation and declining oil prices. Rabboni Francis Arjonillo, president of FMIC, told reporters that the outlook for the Philippines remains optimistic but guarded due to uncertainties in the local financial markets and weakness in the global economy.