BSP Sees Robust 4Q Growth Despite Aggressive Rate Hikes and Slowing Momentum
- BSP expects strong 4Q GDP growth of 5.9%, similar to 3Q surprise
- Outlook partly due to lagged impacts of Asia's most aggressive policy tightening
- BSP raised key rate from 2% to 6.5% between May 2022 and now
- 3Q GDP growth was second slowest since economy emerged from contractions in 1Q 2021
- Government pushing economy towards 6-7% 2023 target with increased spending