Once the sick man of Asia, the Philippines is now one
of the best positioned economies in the region to weather the current
global economic turmoil.
As countries like India confront the dual challenge of slowing growth
and high inflation, the Philippines signaled this week it's ready to
cut rates further even though its economy is already among the
fastest-growing in Asia.
"As inflation expectations remain well anchored, we foresee inflation
over the policy horizon to be within target range," Bangko Sentral ng
Pilipinas Governor Amando Tetangco Jr. said Tuesday. "This provides the
[central bank] room to make any further adjustments to policy stance if
needed to address possible effects of changes in the growth trajectory
of our main trading partners including the US, Japan and China, and
shifts in investor sentiment that could adversely impact the prices of
international commodities and capital flows."
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