The additional rate cuts that will be implemented by the Bangko Sentral ng Pilipinas (BSP) will not be enough to boost the Philippine economy next year as a London-based think tank expects a slower pace of growth for household consumption and remittances. Capital Economics sees Philippine GDP growing by 5.
The additional rate cuts that will be implemented by the Bangko Sentral ng Pilipinas will not be enough to boost the Philippine economy next year as a London-based think tank expects a slower pace of growth for household consumption and remittances.
“What’s more, growth in remittances—which accounts for nearly 10 percent of GDP in 2023—and exports will slow, amid weaker global growth,” it added. Growth, meanwhile, will be driven by lower inflation which is expected to average 2.8 percent next year and 3.3 percent in 2026. Both these projections are within BSP’s 2 to 4 percent target.
Meanwhile, Bank of the Philippine Islands Senior Vice President and Lead Economist Emilio S. Neri Jr. said he expects the BSP to deliver a 25-bps reduction in key policy rates this week.
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