The Philippines may find it more challenging to reach the government’s 7-9% economic growth target this year, as household consumption will likely take a hit from higher inflation caused by a prolonged Russia-Ukraine war, an analyst said. READ:
Motorists fill up their tanks at a gas station in Novaliches, Quezon City, March 12. Fuel retailers are expected to implement another big-time hike in pump prices on Tuesday. — PHILIPPINE STAR/ MICHAEL VARCASchallenging to reach the government’s 7-9% economic growth target this year, as household consumption will likely take a hit from higher inThe Philippine economy will probably only grow within the 5% range due to geopolitical developments that have dented recovery prospects, ING Bank N.V.
Household spending, which accounts for about 70% of the economy, usually gets a boost during an election year. It grew by 4.2% in 2021 following the 7.9% decline in 2020.Latest data from the Department of Energy showed the prices of gasoline, diesel, and kerosene have increased by P13.25, P17.50, and P11.40 per liter since the year started. This week, gas prices are expected to surge by P11.80-P12 per liter, diesel by P6.90-P7.20 per liter, and kerosene by P9.70-P9.80 per liter.
Metro Manila and most parts of the country are under the most relaxed Alert Level 1. As the number of coronavirus disease 2019 cases decline, there are calls to downgrade this to Alert Level 0. “The worst-case scenario for inflation will not be limited to oil prices. We earlier [warned] about other transmission channels, including food and feeds, other fuel inputs for electricity, a weaker currency and other second-round impacts,” GlobalSource analyst Romeo L. Bernardo said in a note sent to“Price pressures will likely force BSP to hike rates sooner than anticipated, and possibly even more aggressively should they delay the reversal any longer,” Mr. Mapa said.
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