Philippine GDP increased less than anticipated in the dual quarter
August 10, 2022: -The Philippine economy expanded less than anticipated in the second quarter but at a pace still in line with the official growth target of 2022, which gives the central bank leeway to tighten monetary policy further to curb red-hot inflation.
The country’s Southeast Asian gross domestic product was 7.4% higher before a year, growing more slowly than the downwardly made 8.2% annual rate experienced in the last quarter and the median 8.6% forecast in a Reuters poll.
It was the lesser growth in three quarters but the second-fastest so far in Asia for the next quarter, Economic Planning Secretary Arsenio Balisacan added.
The Bangko Sentral Pilipinas (BSP) has flagged the possibility of raising key interest rates further by 50 basis points at its August 18 policy meeting, confident the economy can withstand a less accommodative policy.
It has raised interest rates by 125 basis points since the start of the year to tame inflation, which soared to its fastest pace in nearly four years in July.
Balisacan attributed the second-quarter growth rate to solid construction and household consumption, among other factors.
He said the economic recovery of the country remained strong, with the second-quarter performance in line with the growth target for full-year GDP of 6.5% to 7.5%.
The administration of President Ferdinand Marcos, whose six-year term started on June 30, targets growth in a GDP of 6.5%-8.0% annually from 2023 to 2028.
Marcos, concurrent agriculture secretary, has vowed to turn the long-neglected farm sector into an engine of growth and focus on fiscal management and infrastructure upgrades to sustain the economy’s rebound from the pandemic.
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