BSP Releases Report on Regional Economic Developments
Manila—(PHStocks)—The Bangko Sentral ng Pilipinas (BSP) has released its 2013 report on regional economic developments in the country. The Philippine economy sustained its robust growth in 2013, expanding by 7.2 percent from 6.8 percent in 2012.
The strong domestic growth, which surpassed the National Government’s (NG) target of 6.0-7.0 percent, was achieved amid external financial volatilities and devastating natural calamities.
Moreover, the resilient economic performance was realized amid a manageable inflation environment. Inflation in 2013 was kept at an average of 3.0 percent, lower than the 3.2 percent average recorded in 2012, and is within the NG’s target range of 3-5 percent for the year. However, notable upticks in inflation were recorded in Zamboanga Peninsula (due mainly to marked increases in the prices of non-food items) and Eastern Visayas (on account of the onslaught of typhoon Yolanda which stalled supply of goods and services in the region).