HSBC, Deutsche Bank see lower PH growth

HSBC and Deutsche Bank, two of the world's largest banks, forecast Philippine economic growth to fall short of the government's target this year, citing persistent threats from the Covid-19 pandemic.

Fan Cheuk Wan, Asia managing director and chief investment officer for HSBC Global Private Banking and Wealth, said in a virtual briefing on Tuesday that the banking giant expects the country's gross domestic product (GDP) to grow by 6.2 percent this year.