By: Business Mirror
The Philippine economy may have posted a single-digit contraction in the third quarter of the year on the back of the easing of quarantine restrictions, according to a local think tank.
In its latest Market Call report, First Metro Investment Corp. (FMIC)-University of Asia and the Pacific (UA&P) Capital Markets Research said the July to September period likely saw the economy contract no more than 5 percent.
The improved economic performance in the third quarter, the think tank said, has been seen in the muted inflation; increased government spending; and the growth of construction, manufacturing and mining.
Meanwhile, the think tank said remittances could maintain its growth in the past two months, but this is being threatened by layoffs abroad.
The peso appreciation at a year-on-year growth of 6.3 percent brought down the peso equivalent of remittances by 10.1 percent in August.
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