Citi bullish on Phl economy, banking sector

Global financial giant Citi remains optimistic about the Philippine economy, projecting robust growth and highlighting the country's strong banking sector as well as competitive advantages in outsourcing.

- By KEISHA TA-ASAN

Amol Gupte, head of South Asia and ASEAN at Citi, said that the Philippines may post a strong economic growth over the next few years.

"We think the Philippines is primed for great growth. Philippines (may grow) close to six percent in 2024. We expect growth in 2025 to stay within the six percent handle," Gupte said in a hybrid press conference yesterday.

The Philippine economy expanded by 5.2 percent in the third quarter of 2024, slower than the previous quarter's 6.4 percent growth. For the first three quarters, the country's gross domestic product (GDP) averaged 5.8 percent.

Economic managers are targeting a GDP growth of six to 6.5 percent in 2024 and six to eight percent in 2025 up to 2028.