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By Jose P. Sollano | December 11, 2014 - 12:00am
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The Philippine economy has slowed down for the last five quarters, hitting 2.4 percent year-on-year. October headline inflation has hit a 44-month high of 7.8 percent.
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The Bangko Sentral ng Pilipinas signaled that it would factor in the sharp slowdown in economic growth when setting interest rates, even as elevated inflation keeps pressure on the central bank to maintain a tight monetary stance.
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The Bangko Sentral ng Pilipinas is focusing on the “second-round effects” of global supply shocks and the risk of eroding public trust as the country faces “a difficult combination” of rising inflation and sluggish growth.
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Foreign direct investment (FDI) net inflows into the Philippines rebounded by nearly 25 percent in August as foreign investors put more equity into local businesses and reinvested a larger share of their earnings, although cumulative inflows remained below last year’s level. Preliminary data from the Bangko Sentral ng Pilipinas showed net FDI inflows jumped by 24.9 percent to $690 million in August from $552 million in the same month last year. The amount was virtually unchanged from the $689 million recorded in July.
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The Philippine economy is expected to grow by just 2.6 to three percent this year, well below government expectations, as stubborn inflation, weak consumer spending and delayed infrastructure projects threaten to prolong the slowdown into 2027.
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