Manila, Feb. 28 -- The Philippine economy will likely grow by more than 6 percent this year while inflation is expected to remain within the target range, an investment management firm and a UK-based bank said.

In a briefing in Makati City on Friday, Sun Life Investment Management and Trust Corp. Chief Investment Officer Ritchie Teo projected the Philippine economy to grow by 6.2 percent this year from 5.6 percent in 2024.

Consumption will recover this year on the back of easing inflation, Teo said.

"The Philippines is still very much consumption-driven. So, with inflation rates growing lower, we think that consumption will be rebounding for this year. So that's the main driver still," he said.

Standard Chartered economist and foreign...