BSP says Philippine growth to meet low-end target
More Share Despite the slower than expected growth recorded in the third quarter of the year, the Bangko Sentral ng Pilipinas is still optimistic that the country’s economy will be able bikinis girls to bikinis swimwear expand by at least the government’s low-end target.
“We may be able to meet the lower end of the 2009 GDP target," said Amando M. Tetangco womens swimwear bikinis Jr., BSP governor.
Last week, the National Statistical Coordination Board announced that the country’s gross domestic product, the sum of all goods and services produced within the country, was at 0.8 percent, the low-end of the between 0.8 percent and 1.8 percent target pegged by economic managers for 2009.
The nine-month period expansion was at 0.7 percent, following the revised 0.8 percent in the second quarter.
Tetangco is banking on the steady remittances from overseas Filipino workers to help support the economy particularly during the Christmas season.
The central bank has revised the projected growth of the amount of money sent home by Filipinos abroad to four percent or a record $17.1 billion instead of a zero growth from last year’s $16.4 billion.
Besides remittances, the business process outsourcing sector is seen as another driver for the economy’s growth.
“The services sector and BPOs, among others, should continue to support the economy. We also expect remittances to continue to grow, and to boost consumption going forward," Tetangco said.
Following the dismal economic growth, Tetangco said there was no urgent need to reverse the current relaxed monetary policy.
Tetangco said the central bank’s Monetary Board could maintain its policy stance “given the within-target range outlook for inflation for 2009 and 2010."
The BSP pegs the average hike in consumer prices this year at 3.38 percent, within the target of 2.5 percent to 4.5 percent, and 4.2 percent next year, still within the target of 3.5 percent to 5.5 percent.
Consumer prices averaged 3.2 percent from January to October this year, significantly lower than the 9.4-percent registered in the same period last year.
Rates are at record low of four percent and overnight lending rate at six percent following the BSP’s move to reduce rates by 200 basis points since December 2008. - GMANews.TV
How To Find Love