Philippines Central Bank Raises Rates Again In August
Source: http://philippineseconomy.blogspot.com/2008/08/philippines-central-bank-raises-rates.htmlPosted on Thursday, August 28th, 2008 | In Economics, Investing Lessons, Philippines
The Philippine central bank raised its benchmark rate to tame inflation, saying the economy is “strong enough” to withstand a third increase in borrowing costs since June. Bangko Sentral ng Pilipinas increased the rate it pays banks for overnight deposits by 0.25 percentage point to 6 percent, Governor Amando Tetangco told reporters in Manila today.br /br /br /strongQ2 2008 GDP/strongbr / br /br /Philippine economic growth eased to a three-year low of 4.6 percent in the second quarter as consumer spending waned, the government said today. Inflation may have accelerated to as much as 12.6 percent in August from 12.2 percent in July, and may exceed the central bank’s targets for 2008 and next year, Governor Tetangco said today. Bangko Sentral last month raised its 2008 inflation forecast to a range of 9 percent to 11 percent, from 7 percent to 9 percent. The government this month lowered its 2008 growth target for a second time this year to between 5.5 percent and 6.4 percent, which would be a slowdown from the 7.2 percent expansion in 2007. br /br /br /Remittances from the more than 8 million Filipinos abroad, or about a tenth of the population, have continued to support the $118 billion economy this year as faster inflation eroded domestic consumer spending. Consumer spending growth slowed to 3.4 percent in the second quarter from 5.2 percent in the previous three months. Government spending, which accounts for a tenth of the economy, fell 5.1 percent. br /br /Exports, which make up two-fifths of the economy, added 7.7 percent from a year earlier, after a 6.1 percent drop in the first quarter. Services climbed 4.3 percent, slower than the 6.5 percent pace in the previous three months.div class=”blogger-post-footer”img width=’1′ height=’1′ src=’https://blogger.googleusercontent.com/tracker/4501221007982619511-7314956197410253365?l=philippineseconomy.blogspot.com’//div
Last 5 posts by Edward Hugh
- Global Manufacturing, France Outperforms, As Spain Continues To Flounder - November 3rd, 2009
- A New Spectre Is Haunting Europe, A Spanish One - October 31st, 2009
- Beyond The Consensus On European Bank Credit - October 27th, 2009
- The French Rebound Continues In October While Germany Moves Sideways - October 27th, 2009
- The French Rebound Continues In October While Germany Moves Sideways - October 27th, 2009
 About Edward Hugh (http://globaleconomydoesmatter.blogspot.com)
Edward Hugh is a macro economist, who specializes in growth and productivity theory, demographic processes and their impact on macro performance, and the underlying dynamics of migration flows. Hugh is a founding member and regular contributor to a number of economics weblogs, including Global Economy Matters, Demography Matters and a number of others. Edward 'the bonobo' Hugh is a Catalan economist of British extraction based in Barcelona. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again". He is currently working on a book with the provisional working title "Population, the Ultimate Non-renewable Resource". Edward also writes regularly for the demography blog Demography Matters. He also contributes to the Indian Economy blog . His personal weblog is Bonobo Land . Edward's website can be found at EdwardHugh.net. Edward follows in detail the Indian, Italian, Spanish, German and Japanese economies. He also has a more than a passing interest in the economies of Turkey and Brazil and in the emerging economies of Eastern Europe. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.