Macroeconomic Forecast Philippines

Inflation in the Philippine economy took a small step back in July, printing at 5.1% year-on-year, compared with 5.2% a month earlier. Inflation in the archipelago has been stubborn moving into H211, but with Q211's disappointing growth figure, we should see it peak by the end of the year, if not sooner. Thus, we continue to forecast end-of-period inflation for 2011 at 5.0%, with the 2012 figure falling to 4.0% as the economy hits a more sustainable stride.

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