No recession, but growth subdued — Metrobank

Thus, growth would be subdued, with the economy seen to expand by only 3.4% this year, the research team of Metropolitan Bank & Trust Co. (Metrobank) projected in its economic weather report.

On the back of a gloomier outlook for domestic demand in view of lower remittances from overseas Filipino workers, Metrobank researchers expect the Bangko Sentral ng Pilipinas to further slash its key policy rates in its next policy meeting this Thursday. The central bank slashed the key interest rates by half-a-percentage point last month.

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