Citi keeps PH growth projection at 4.9%

Global banking giant Citi has maintained its 4.9-percent growth forecast for the Philippines' gross domestic product (GDP) this year, taking into consideration the economic effects of an earlier-than-expected relaxation of the community quarantine in Metro Manila.

The estimate is lower than the government's adjusted growth target of 6 to 7 percent, although it is better than the Philippines' 9.6-percent dive last year. The economy stayed in recession as of the first quarter of the year after contracting by 4.2 percent.