BSP: RP Economy in shape
BACOLOD CITY — In the Public Information Campaign of the Bangko Sentral ng Pilipinas in this city, the BSP revealed the recent economic and financial developments in the country.
Despite the slowdown in the global economy, the Philippines real GDP continues to grow at 0.9 percent in 2009 which generally keeps the country’s economy in shape.
Inflation rate remains manageable with headline inflation at 4.2 percent and core inflation at 3.6 percent in February 2010. There is a decline in interest rates thus reducing the financial burden of borrowers and investments are encouraged.
Remittance from OFWs,which is one of the drivers of growth for the Philippine economy, remains resilient. In 2009, the OFW remittances reached record high of $17.8-billion where the peso remains broadly stable against the dollar as of March 2010.
Another historic high is the country’s international reserves at $46-billion. The balance of payments is still a surplus like in 2008. The banking sector also continues to be sound and stable.
“Global economy experienced the worst economic crisis since World War II but the Philippines was able to avert recession and continues to grow although moderate and fractional but not negative,” Diwa Guinigundo said in a press conference during the campaign here in Bacolod.
The Philippine economy was able to ride out the headwinds posed by the global crisis because of the underlying cushions like the sound economic fundamentals and continuing reforms put in place by the government. (PIA/EAD)
