Philippines’ outperforming economy boosts case for rate hike

The skyline of a business district is seen from a commercial building in Ortigas, Pasig city, metro Manila. - Reuters

MANILA, May 14 (Bloomberg): The Philippine economy outperformed expectations in the first quarter, boosting the case for the central bank to turn its focus to fighting one of South-East Asia’s fastest inflation.

Gross domestic product in the three months through March grew 8.3% from a year ago, the Philippine Statistics Authority said Thursday, versus the median estimate for a 6.8% expansion in a Bloomberg survey. That compares with a revised 3.8% contraction in the same quarter in 2021.