THE MARKET CALL (JULY 2019)
Here are the highlights of the July issue:
Macroeconomy
PH economic growth should rebound by 6% (y-o-y) in Q2, and accelerate further for the rest of 2019 supported by the three domestic demand engines—consumer, government and investment spending—revving up to high gear. We expect a minimum 25 bps cut in US Fed’s policy rate in July and additional trimming of BSP’s policy rate by 50 bps and the RRR by 200 bps in H2 to add fuel to growth—in the real economy and financial markets.