PH, growth leader in Southeast Asia – BSP

CLARK FREEPORT ZONE, Pampanga —Bangko Sentral ng Pilipinas (BSP) is optimistic the Philippine economy will sustain its strong growth momentum.

Speaking before Central Luzon stakeholders during the Sulong Pilipinas 2018 Philippine Development Forum in Clark, BSP Deputy Governor Diwa C. Guinigundo disclosed that the country will continue to emerge as a growth leader in the Southeast Asian region.

Latest International Monetary Fund projections indicate that the Philippines will remain one of the best performing economies in the region in 2018 and 2019.

“The country’s economy is projected to grow by at least 6.5 percent in 2018, next to India with 7.3 percent,” he said.

The official furthered that since the first quarter of 1999 up to the third quarter of 2018, the Philippine economy has sustained 79 successive quarters of positive economic growth even with the global financial crisis from 2007 to 2009.

These assessments are also not far from the national government’s gross domestic product growth target of 7-8% in the next three years.

Guinigundosaid inflation rate in the country is manageable and has slowed down as latest reading in October indicates 6.68%, compared to 6.70% in September.

It is expected to further go down to 3.5% in 2019 and 3.3% in 2020. These figures are within the inflation target of 2-4% for the next two years.

BSP has sufficient buffers that will help mitigate the impact of external and domestic challenges.

It is also utilizing its analytical and surveillance tools for any potential risks to the monetary and financial stability objectives and stands ready to act appropriately, as deemed necessary.