Fitch ups growth forecast for PH
MANILA, Philippines - Fitch Ratings raised its growth forecast for the Philippines this year, as it sees continued increase in investments and remittances.
In its report "Emerging Asia: Slowing Growth Amid Market Pressures," Fitch said it upwardly revised its 2013 growth forecast for the Philippines to 6.2% from its initial forecast of 5.5%.
"Fitch has made a substantial upwards revision to its 2013 growth forecast for the Philippines, to 6.2% from 5.5%, reflecting a pick-up in investment spending and support from resilient remittance inflows,"it said.
Fitch's forecast is within the government's 6 to 7% growth target.
On Wednesday, Standard & Poor's raised its growth forecast for the Philippines to 7.1%, while the Asian Development Bank also upped its forecast to 7%.
In the first half of the year, the Philippine economy grew by 7.6%, making it at par with China's growth.