Philippines’ outperforming economy boosts case for rate hike

The strengthening recovery spurred calls from economists to raise borrowing costs.

Gross domestic product in the three months through March grew 8.3% from a year ago, the Philippine Statistics Authority said Thursday, versus the median estimate for a 6.8% expansion in a Bloomberg survey. That compares with a revised 3.8% contraction in the same quarter in 2021.

The nation is already home to the second fastest inflation rate in Southeast Asia, with the outlook for prices clouded by lockdowns in China -- its biggest trading partner. Private consumption and investments, both key growth drivers, jumped during the quarter, while government spending weakened in the same period.

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