The central bank is confident that the Philippine economy is on track for a “full recovery,” although analysts warned of headwinds from the Russia-Ukraine war and a potential US economic slowdown. READ:
“The Philippines is on its way to full recovery. From a recession in 2020, it bounced back with a 5.7% [growth] last year and we’re looking at a growth rate of 7-9% this year,” Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in an interview with CNN in Washington.
Several multilateral institutions recently raised their gross domestic product growth projections for the Philippines this year, although still below the government’s 7-9% target. Headline inflation in the Philippines climbed to a six-month high of 4% in March, reflecting the impact of the oil price surge fueled by the war. The BSP said inflation could breach the 2-4% target range by the second half of the year.ation forecast for 2022 to 4.3%, Mr. Diokno has said the BSP is still keen to start raising rates in the second semester.
Former BSP Deputy Governor Diwa C. Guinigundo said the monetary policy tightening in the US could upset“There’s a great deal of possibility of capital flight from the Asia-Pacific region including the Philippines. Recession or a simple slowdown in the US economy could affect our exports, BPO and overseas remittances,” he said in a Viber message.
Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said talk of a possible US recession still seems to be premature.
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