Philippine Equity Partners Inc. (PEP), the research partner of Bank of America Global Research, said the gross domestic product in the third quarter was worse than expected, bringing GDP growth to an average of 5.8 percent in the first nine months of the year.
"Notwithstanding the soft third-quarter GDP print, we maintain our 2024 GDP estimate of 5.9 percent," PEP research analyst Jojo Gonzales said in a report.
"We see private consumption growth improving further in the fourth quarter alongside receding inflation, reduced unemployment, improved consumer confidence and a hike in minimum wages that took effect in the third quarter," he said.
According to Gonzales, the uptick in credit growth is in line with improving consumption and investment.
However, government spending may remain subdued as much of it was concentrated in the first half of 2024. It may hold steady in the fourth quarter if the government aims to stay within its 2024 budget limits.
This story is from the November 09, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 09, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MMFF AT 50: WHAT MAKES EACH FILM WORTH WATCHING?
THAT TIME OF THE year has come when the Metro Manila Film Festival MMFF), which is having its golden edition, presents a collection of films that are in stark contrast in terms of narrative and theme. There are two or even more, however, that may belong to the same genre classification.
PIOLO GRATEFUL FOR LOVE TEAM WITH JUDAY: THAT MADE ME BECOME MAINSTREAM
In the 2024 Metro Manila Film Festival (MMFF) official entry “The Kingdom,” Piolo Pascual essays the role of an outcast farmer who is shunned by society but becomes an unlikely hero in the kingdom's quest for change.
COUNTDOWN TO SPLENDOR AT NEWPORT WORLD RESORTS
Newport World Resorts sets the stage for an unforgettable New Year celebration.
A TOAST TO LOCAL FLAVORS: FILIPINO FRUITS IN CRAFT COCKTAILS
A drinks menu caught my attention last Dec. 2 during chef Miko Calo’s AVEC Series at Makati Shangri-La’s Sage Bar, which ran from Nov. 18 to Dec. 9.
HOW I ALMOST MISSED ZEROBASEONE'S TIMELESS WORLD' IN MANILA
As much as I love Zerobaseone, I have to admit that the Manila leg of their concert didn’t start off well — at least for me.
Cost reduction, competitive pressure driving AI adoption in Phl
The need to reduce costs and pressure from competition are key drivers for artificial intelligence (AI) adoption among companies in the Philippines, but limited use cases and scalability challenges are obstacles to fully leveraging the technology, according to IBM.
Aboitiz, partners allot over P2 B for wind farm grid integration
Lihangin Wind Energy Corp. (LWEC), a joint venture of Aboitiz Renewables Inc., Vivant Energy Corp. and Singapore-based Vena Energy, is spending over P2 billion for the transmission connection of its massive wind farm in northern Samar.
ICTSI Receives Maiden Container in Indonesia
The International Container Terminal Services Inc. (ICTSI) has welcomed its first container call in East Java, showing the capability of its Indonesian project to handle different kinds of vessels.
PEZA, DOLE sign data sharing agreement to streamline visa processing
The Philippine Economic Zone Authority (PEZA) and the Department of Labor and Employment (DOLE) have signed a data sharing agreement to streamline the PEZA visa application process as part of efforts to improve ease of doing business.
Fisherfolk poverty to worsen if big fishers enter municipal waters
Non-government organizations assailed the Supreme Court's decision to uphold a Malabon Regional Trial Court ruling of allowing commercial fishers within the 15-kilometer municipal waters as it would accelerate depletion of fish stocks at the expense of small fishers.
