(Reuters, Manila) Senior Philippine officials stated that the fourth-quarter GDP is expected to grow by 0.9% compared to the same period last year, and the economic stimulus plan will not be terminated.
However, the Philippine central bank indicated that attention must be paid to inflationary pressures.
Meanwhile, the Bangko Sentral ng Pilipinas kept overnight interest rates unchanged, maintaining the overnight borrowing rate at 4% and the overnight lending rate at 6%.
The Bangko Sentral ng Pilipinas stated that due to the projected moderate growth in GDP for 2009 and 2010, the Philippines needs to maintain an accommodative policy stance.
It noted that the inflation rate for 2009 is expected to remain within the target range of 2.5%-4.5%, with an average inflation rate of 3.5% to 5.5% projected for 2010.
