No recession in RP, BSP says

Gov’t managers pin hopes on remittances, BPO.

MANILA, Philippines – Amid persistent conerns that the Philippines is headed for a slump this year—fueled by the surprisingly disappointing growth in the first quarter—the Bangko Sentral ng Pilipinas stressed that the economy would not slide into a recession.

“There will be no recession,” BSP Governor Amando Tetangco Jr. said Friday when asked if the Philippines would follow the lead of its neighboring economies that had already contracted.

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