However, the 39.3 percent year-on-year rise in imports in May—the fastest in 22 years—totaling $6.736 billion in value, DBS said, indicates a much robust surge for GDP. Rising imports could lift H1 GDP – DBSTHE Philippines’ gross domestic product (GDP) could have risen at a faster rate this May and June than previously estimated and reached 7 percent for the first half of the year, according to the Singapore-based DBS. Besides the surge in imports, DBS noted that there are upside risks to its full-year GDP growth forecast of 6.3 percent this year, which is within the government’s revised 6-7 percent target. “Whether or not this robust growth in imports will be sustained remains to be seen. The most likely scenario is still to see imports normalizing in the second half of 2016,” it added.

Source: Manila Times July 28, 2016 12:33 UTC