Domestic demand lags regional peers

Singapore-based Oversea-Chinese Banking Corp. Ltd. (OCBC) sees the Philippine economy as a laggard in the region in terms of domestic demand, forecasting that yearly growth will miss government targets.

- BY DERCO ROSAL

EXPANDED PARTNERSHIP State-run Social Security System (SSS) and Manulife Philippines will provide group credit life insurance coverage to pensioners who availed of the SSS' pension loan program. In photo: Manulife Philippines President and Chief Executive Officer (PCEO) Rahul Hora (third from left) and SSS PCEO Robert Joseph de Claro (third from right) during the ceremonial contract signing held at the SSS head office in Quezon City.

According to an OCBC report published on Nov. 19, Philippine gross domestic product (GDP) is projected to expand by 4.8 percent this year, falling short of the already downscaled 5.5to 6.5-percent target.

OCBC said in an earlier Nov. 17 report that, while the outlook for domestic demand is "mixed" in the "standouts," such as Malaysia and Vietnam, it is clear that the Philippines and Thailand are the "laggards" in the region.