MANILA – The Duterte administration’s economic team is forecasting inflation to settle at 2 to 4 percent this year, and the gross domestic product (GDP) at 7 percent, Budget secretary Benjamin Diokno said Tuesday.
“It’s between two to four and, in fact, it will be closer to two, I think … but BSP is saying three … The inflation rate will be closer to two than four …” Diokno said in an interview on ANC.
The Bangko Sentral ng Pilipinas (BSP) pegged its recent inflation forecast for 2019 at 3.18 percent.
Inflation came in at 5.1 percent in December 2018 – a seven-month low after spiking at 6.7 percent in both September and October, but faster compared with 2.9 percent in December 2017. It settled at 6 percent last November.
Food and oil prices influenced last year’s inflation, Diokno said.
The Cabinet official noted the economic managers are also looking at the GDP growing by 7 percent in 2019.
“I’m optimistic we will hit seven … It’s seven to eight …” he said. (GMA News)