Philippines growth propped up by consumption as economy diversifies
MANILA – Philippines’ Q3 GDP came in at 6.0% y/y, shy of market expectations of 6.3%, although an upward revision to Q2 growth leaves year-to-date growth broadly as expected. But consumption growth is enjoying firm momentum despite disappointing remittance growth, supporting ANZ Bank’s our view that the economy is slowly diversifying away from its traditional reliance on remittances.