Economy likely grew by 6.2% in QI

The Philippine economy is expected to have posted a 6.2-percent growth in the first quarter supported by gains in the labor market and manufacturing, as well as government spending, according to First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P).

- By LOUELLA DESIDERIO

"We expect GDP (gross domestic product) to expand by 6.2 percent in the first quarter, an upward revision from our previous forecast of 6.1 percent," FMIC and UA&P said in the Market Call report for April released yesterday.

They said the forecast is based on high record levels of employment.

"Strong employment gains in the last six months to February provide good basis for GDP growth in the first half, since empirical evidence show that employment gains precede GDP growth," FMIC and UA&P said.