According to the Philippine Daily Inquirer, the Monetary Board of the Philippines will hold a meeting on September 8 to discuss measures to address the rising inflationary pressures. The Deputy Governor of the Central Bank recently stated that it is expected to keep the key interest rate unchanged, as the economic growth rate in the second quarter was below expectations, which will somewhat suppress consumer demand. So far this year, the central bank has raised the main policy interest rate by 50 basis points, with overnight lending rates reaching 4.5% and 6.5%, and the bank's reserve requirement ratio at 21%.
The Philippine government has announced plans to sign a five-year development plan for economic and trade cooperation with China.
According to the Philippine Daily Inquirer, on August 16, the Deputy Minister of Trade and Industry, Kristopher, stated that the Philippine and Chinese governments will sign the five-year development plan for economic and trade cooperation during President Aquino's visit to China at the end of this month. Kristopher noted that the Philippines' first and second largest export markets, Japan and the United States, are facing difficulties, and China, as a major emerging market, will become a primary export destination for the Philippines. According to the Department of Trade and Industry, the Philippines' exports to China reached $2.86 billion in the first half of this year, and last year the trade volume between the Philippines and China reached $10.31 billion, with Philippine exports to China growing by 94.61%. Kristopher stated that signing this development plan will help enhance trade and investment exchanges between the two countries.
