“Growth was able to outperform the previous quarter despite elevated commodity prices and potential damage brought about by the rainy season,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said re-opening the economy and easing restrictions “mathematically magnifies any incremental growth such as the further pick up in both local and foreign tourism, resumption of face-to-face/in person classes, continued growth in foreign direct investments, OFW remittances, BPO revenues, exports, among others.”
The brokerage added though that “Still, our outlook is for growth to sharply moderate over the next few quarters starting in the fourth quarter. Several consumer firms that have already reported earnings indicate that inflation is already driving consumers to trade down or look/buy cheaper alternatives.”