Philippine stocks rose for a seventh day following reports that the gross domestic product growth picked up to 5.9 percent in the third quarter from 4.3 percent in the second quarter.
The peso also climbed Thursday to close at 55.89 against the US dollar from 56.06 Wednesday. “The USD/PHP has been moving stably. So, the need for an additional interest rate hikes has become less clear than before. In this respect, chances for the BSP to continue to raise its rates have decreased, which is a positive factor for the economic outlook,” said Abe.
Abe said the Philippine inflation was also slowing, and the adverse effects of interest rate hikes on the economy were so far limited. “Nonetheless, today’s stronger-than-expected print means we will upgrade our current growth forecast of 4.5 percent for 2023,” Tsuchiya said.
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