Citi Philippines projects positive growth for the Philippines in the second half of the year despite continued global challenges.
According to Ramon Tejero, Citicorp Financial Services and Insurance Brokerage Inc. (CFSI) president, the coming months will be favorable as both the government and the private sector are expected to start spending again.
“We will see investments being made in both public infrastructure and private capital expenditures further boosting the country’s growth,” Tejero said at the bank’s annual 2019 Midyear Outlook event for its clients.
Citi forecasts gross domestic product to grow 6.2 percent in 2019 and 6.5 percent in 2020. The bank also projects an inflation rate of 2.8 percent in 2019 and 3.0 percent in 2020. Citi analysts anticipate that domestic demand could see a sufficiently strong rebound in the second half of 2019, with more potential monetary easing by the Bangko Sentral ng Pilipinas (BSP).
Tejero added the Philippines tops the list of most resilient emerging markets when looking at GDP growth, reserves and other key metrics.
Citi’s Consumer Banking Head Manoj Varma thanked Citigold clients for their loyalty and patronage: “We will work hard to continue to offer the best products across asset classes, the best people through our relationship managers and robust platforms to ensure a seamless customer experience.” “We expect the number of funds to continue to grow in the succeeding years as we continue to fully leverage the global capabilities of Citi,” he added.