The Philippines’ strong start to 2010 is likely to last

Today it was the turn of the Philippines to publish impressive Q1 GDP data. Base effects played a part but q/q growth was rapid too. The economic recovery is on solid foundations and will stay strong even as stimulatory policies are withdrawn. The first policy rate hike is close. We expect a first move in July and see rates climbing to 5.0% by year-end from 4.0% now.

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