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IMF mission: the Philippine economy is developing "strongly" but short-term risks persist
Manila, Philippines – A team from the International Monetary Fund said Wednesday that the Philippine economy continues to grow "sharply", although the increase in short-term risks stemming from rising inflation and of a "changing outdoor environment" poses great uncertainties. [19659004DansunedéclarationLuisBreuerdirigeantd'uneéquipeduFMIquiarécemmentterminéunemissionauxPhilippinesadéclaréquelepaysd'SOUTHASIA-Estdevraitaugmenterde67%cetteannéeetlasuivanteLesperspectiveséconomiquesàmoyentermesurlesPhilippinesrestentégalementfavorables
If achieved, this would fall under the & # 39; objective of 7-8% set by the government for 2018 until & # 39; at the end President Rodrigo Duterte's six-year term. The Philippine economy works well. Real gross domestic product grew by 6.7% in 2017 and the team expects this rate to be maintained in 2018 and 2019, supported by strong consumption and investment, including public investment, Breuer said the risks have risen, citing a medium-term sub-target economic growth forecast for the Philippines, an acceleration of inflation, a worsening of the current account deficit, rapid credit growth, rising rates of of higher US interest and trade tensions, including
.) Discussions focused on the need to sustain growth while preserving macroeconomic stability by adjusting policies and maintaining a healthy external position. " he declares. trillions to modernize the nation's aging infrastructure and aging ports.
In the first quarter of 2018, the Philippines remained one of the best performing economies in the region after growing 6.8%, faster than the 6.5% and 6.4% from the previous three months to the same period last year. However, the first-quarter economic growth figure fell below the government's target range, which Secretary of Socio-Economic Planning Ernesto Pernia attributed to inflation "spoiler"
the L & # 39; inflation reached 5.2% in June. The central bank reacted by offering consecutive rate hikes.
According to the IMF's Breuer, Bangko Sentral np Pilipinas's decision to tighten monetary policy for a second consecutive month this year was "appropriate".
"The team welcomes BSP's announced willingness to take further steps to preserve price stability and to continue progress in the modernization of monetary operations and capital market reform," he said. Central Bank Governor, Nestor Espenilla. "Among the main upside risks to future inflation are potential wage adjustments and increases in transport tariffs due to rising excise duties on petroleum products and other commodities. , as well as rate hikes of monetary policy faster than expected in the United States, "said the BSP
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