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Tuesday, january 10, 2017
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MANILA – The economy remains stable even as consumer prices creep higher, the Department of Finance said on Monday.
Inflation accelerated to a two-year high 2.6 percent in December, but stayed below the Bangko Sentral ng Pilipinas’ target, which it uses as basis for setting interest rates.
While consumer prices are “generally expected to pick up” as world oil prices rise, the increase will still be “favorable,” said finance undersecretary and chief economist Gil Beltran.
Beltran said inflation could hover “above 2 percent” in the near term with the central bank keeping watch.
“This and the government’s prudent fiscal management will continue to help maintain macro-economic stability in the country, which in turn fosters a conducive environment for generating investments,” Beltran said.
Gross domestic product growth averaged 7 percent in the first nine months of 2016, securing the Philippines’ place as one of the world’s fastest-growing economies. Fourth quarter data is due out this month. (ABS-CBN News)
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