Forecast for PH: High growth, higher inflation, higher interest rates

Skyrocketing commodity prices amid the war in Ukraine may prompt the inflation-targeting local central bank to jack up interest rates by a sum of 75 basis points this year but Philippine economic growth is still likely to outperform regional peers.

“So I would say that the Philippines has the highest risk of a country that’s going to raise interest rates before the middle of the year,” Nafte said.

As import bills soar, the economist said the country would still end up a current account deficit but this would likely be contained below 2 percent of gross domestic product . Last year, the country grew its GDP by an average of 5.6 percent, exceeding market forecasts and boosting expectations that economic productivity could return to pre-pandemic levels starting this year.

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