philippines gdp growth march 2012

philippine gdp growth march 2012 : The BSP’s overnight borrowing and lending rates are at 4% and 6%, respectively, following two consecutive 25-bps cuts during policy meetings last Jan. 19 and March 1. In announcing the adjustments, monetary authorities noted benign inflation and the need to support economic growth.

“Inflation has slowed significantly and is expected to stay within the 3-5% target for the year... Moreover, with stronger-than-expected recent trade data as well as robust remittances, the BSP has some room to stay put to monitor conditions,” Ms. Nguyen said.

Inflation eased to an annual 2.6% in March from 2.7% in February and January’s 4.6%. The central bank forecasts inflation to average 3.1% this year, within its 3-5% target range.

The Philippines: Prospects bright for retailers
Private consumption is seen to lead economic growth, as it has always been the main driver, and so we are seeing the country’s GDP grow to within the 4.2-4.7% range, assuming that the government is be able to continue fiscal accommodation to about 2.6% spending of GDP,” Marcial-Javier told a media briefing on March 6. Read More

Rate changes unlikely -- analysts
KEY INTEREST RATES will likely be maintained by monetary authorities at a meeting later this week, analysts polled by BusinessWorld unanimously said, although they differed on prospects for adjustment moving forward.

All 10 bankers and economists interviewed said the Bangko Sentral ng Pilipinas’ (BSP) policymaking Monetary Board was not expected to tweak interest rates anew this Thursday. Read More

Recovery of export sector to boost GDP growth
The financial service provider said in a research note “the outlook for exports in the near term has become more optimistic.” Export earnings in the past two months have grown much higher than DBS expectations, with the February shipments growing by 14.6 percent year on year compared to its forecast of 3.5 percent.

Before that, exports increased by 3 percent in January, ending eight months of consecutive declines, which DBS had expected to continue. “Driven by resurgent electronics exports, there is upside risk to our 4.2-percent GDP [growth domestic product] growth forecast for this year,” DBS said. Read More

Gov’t eyes 5-7% Q1 growth
Philippine economic growth for the first quarter may speed up from the 4.6 percent in the corresponding quarter in 2011. Economic Planning Secretary Cayetano Paderanga Jr. told reporters that a growth of 5 to 7 percent was possible for the first quarter this year with more government spending and private consumption. Paderanga is also director-general of the National Economic and Development Authority (NEDA).
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