News
February 2024: The Philippines saw a mix of economics
The Philippine government adjusted its 2024 growth target to 6.5%-7.5%, down from the previous range of 6.5%-8.0%, attributing the revision to inflation and tepid consumer spending. Despite this, the Asian Development Bank (ADB) forecasts the economy to grow by 6.2% in 2024, supported by rising domestic demand, recovery in services, and increased public infrastructure spending.
Philippines inflation increased
The Philippine Statistics Authority reported that the headline inflation increased to 3.4% in February 2024 from 2.8% in January 2024, with the national average inflation for January to February 2024 at 3.1%. In February 2023, the inflation rate was higher at 8.6%. The rise in February 2024 was primarily driven by increases in food and non-alcoholic beverages and transportation costs. Food inflation, in particular, rose to 4.8% in February 2024 from 3.3% in January 2024
Philippines central bank raises benchmark interest
The Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank, raised its benchmark interest rate by 25 basis points to 4.5% in September 2023. This was done to help control inflation.
