{"id":148559,"date":"2018-01-24T02:54:41","date_gmt":"2018-01-24T07:54:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=148559"},"modified":"2018-01-24T02:54:41","modified_gmt":"2018-01-24T07:54:41","slug":"strong-2017-ph-growth-shows-underlying-strength-bsp","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/01\/24\/strong-2017-ph-growth-shows-underlying-strength-bsp\/","title":{"rendered":"Strong 2017 PH growth shows &#8216;underlying strength&#8217;: BSP"},"content":{"rendered":"<figure id=\"attachment_128234\" aria-describedby=\"caption-attachment-128234\" style=\"width: 960px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/Ernesto_Pernia.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-128234\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/Ernesto_Pernia.jpg\" alt=\" \u201cWe are not satisfied with a single-stop-shop approach. We want to have a single-window approach so that the processing of permits and business applications will be faster,\u201d said Socioeconomic Planning Secretary Ernesto M. Pernia on Thursday. (Photo By Philippine Information Agency, Public Domain)\" width=\"960\" height=\"640\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/Ernesto_Pernia.jpg 960w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/Ernesto_Pernia-300x200.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/Ernesto_Pernia-768x512.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-128234\" class=\"wp-caption-text\">FILE: Socioeconomic Planning Secretary Ernesto M. Pernia (<a href=\"https:\/\/commons.wikimedia.org\/w\/index.php?curid=61261697\">Photo By Philippine Information Agency, Public Domain<\/a>)<\/figcaption><\/figure>\n<p>MANILA &#8212; The strong growth of the Philippine economy in 2017 shows its intrinsic strength and bodes well for the Bangko Sentral ng Pilipinas\u2019 (BSP) inflation-targeted framework.<\/p>\n<p>The statement was made by Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. following the release of the country&#8217;s 2017 gross domestic product (GDP) report on Tuesday.<\/p>\n<p>National Economic and Development Authority (NEDA) Director General and Socioeconomic Planning Secretary Ernesto Pernia announced that growth, as measured by GDP, rose by 6.6 percent in the last quarter of 2017, bringing the full-year growth at 6.7 percent.<\/p>\n<p>GDP was driven primarily by the industry sector, which rose 7.3 percent, followed by the services, 6.8 percent, and agriculture, 2.4 percent.<\/p>\n<p>The average growth last year is still within the government\u2019s 6.5-7.5 percent target for the year.<\/p>\n<p>However, the fourth quarter growth is slower than the upwardly revised 7 percent in the previous three months.<\/p>\n<p>Despite the slower domestic output in the last quarter of 2017, Espenilla said this remains strong, calling it \u201cthe underlying strength of the economy that rests on increasingly balanced foundation.\u201d<\/p>\n<p>\u201cThis gives BSP ample policy space to stay focused on meeting its inflation target and pursuing ambitious financial sector reforms,\u201d he added.<\/p>\n<p>BSP has set the \u200e2018-2019 inflation target between 2 to 4 percent, with the average inflation seen to average at 3.4 percent this year and 3.2 percent next year.<\/p>\n<p>In 2017, inflation averaged at 3.2 percent.<\/p>\n<p>This &#8220;within target inflation rate&#8221; backs monetary officials\u2019 confidence of keeping the central bank\u2019s policy stance for a long period now.<\/p>\n<p>Analysts, however, forecast a hike in the BSP\u2019s key rates starting in the second quarter this year given the expected inflation uptick, as a result of higher excise taxes on fuel, among others, due to the tax reform program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA &#8212; The strong growth of the Philippine economy in 2017 shows its intrinsic strength and bodes well for the &hellip;<\/p>\n","protected":false},"author":33,"featured_media":128234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1216,12460,615,13362,11001],"class_list":["post-148559","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas","tag-ernesto-pernia","tag-gdp","tag-gross-domestic-product","tag-national-economic-and-development-authority","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/148559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=148559"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/148559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/128234"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=148559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=148559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=148559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}