PHL inflation rate within target despite global economic woes, BSP says
by Fayette C. Riñen
CEBU CITY, November 11 (PIA) -- Despite the global economic woes currently facing the US and Europe, the Philippine economy remains reasonably healthy as the 2011 average inflation rate is 4.4 percent as against the projected inflation rate for this year pegged between three to five percent.
Bangko Sentral ng Pilipinas (BSP) Assistant Governor Ma. Cyd Tuaño-Amador said they have maintained inflation rate within its target for 2011 and that on the macroeconomic front, the Philippine economy is moving from strength to strength on healthy, sustained and inclusive growth.
“In 2010, we have exceeded our target as inflation rate last year was only at 2.8 percent vis a vis our projected target between 3.5 to 5.5 percent,” according to Amador during the recent Philippine Economic Briefing in Cebu.
Amador however admitted that as of September, this year, inflation rate was high because of the frequent occurrence of bad weather conditions that incurred heavy agricultural losses badly affecting our economy “but this was only temporary.”
The BSP official said for the 2010 forecast, “we projected the inflation rate to be below four percent.”
“We have ensured that inflation was within target, interest rates remained supportive of domestic demand, and banks were able to efficiently channel funds to productive sectors of the economy,” Amador said.
The BSP has also been able to effectively cope with increased capital inflows and was able to take advantage of the foreign exchange inflows and utilize these effectively to further strengthen the country’s external payment position, this is said.
“Latest gross international reserves already reached a historic high of US $75.2B as of September, more than our full year forecast of US $70B for 2011.The current level of reserves is capable of covering more than 11 months of imports and 11 times the country’s short-term debt based on original maturity. Furthermore, the build-up of reserves provides a buffer against external shocks brought forth by uncertainties in the global economy,” Amador said.
Amador said the Philippines is indeed undergoing a transformational change and that it is building a stronger economy and creating more and better opportunities for the Filipinos.
The country’s ever strengthening macroeconomic fundamentals and stronger fiscal position place the country in a good position to deal with both natural calamities and economic and financial volatilities, she added.
Amador ended that the BSP is committed in helping fight poverty by keeping prices low and ensuring that inflation rate is within target. (PIA-Cebu with PR from Investor Relations Office)
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LGU, DENR to preserve Cebu’s highest mountain
by Amor Saludar
CEBU CITY November 11 (PIA) -- The Local Government Unit (LGU) of Dalaguete in the southern part of Cebu and the officials of the Department of Environmental and Natural Resources (DENR) -7 are working together to preserve Cebu’s highest mountain --- Osmeña Peak situated in the boundary between the towns of Dalaguete and Badian.
Dalaguete Mayor Ronald Allan Cesante and Badian Mayor Roddolf Librando are already seeking the assistance of Gov. Gwendolyn Garcia and DENR-7 so that the Osmeña Peak can be declared as one of the “Natural Landscapes” of the province and the country.
Mayor Cesante said the declaration is very important so that the mountain can be protected from any forms of development that can affect its natural beauty and from activities that can cause its deformation.
“Sa higayon nga madeklarar kining “natural landscape” dili na unya makasayonsayon ang mga developer sa paghimo og mga proyekto gawas kun makig-coordinate kini sa lokal nga kagamhanan,” (The moment it will be declared as “natural landscape,” developers cannot easily put up projects in the area without the coordination and consultation from the local government unit ) Sesante said.
Cesante added that the office of Governor Garcia is already extending assistance to fast track the declaration of Osmeña Peak as a “natural landscape.” (FCR/AS/PIA-CEBU)