Presidential Communications Operations Office

  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Tuesday, 7 December 2021 News Before 1 Feb 2012. Click for Latest
Web PIA  
Region GHQ Submenu
Latest News
News Headlines
Foto Releases
National Capital Region

PIA Press Release
Wednesday, January 04, 2012

Phil. economy remains stable – BSP

by Phres A. Evardone

QUEZON CITY, Jan. 4 (PIA) -- Diwa Guinigundo, Deputy Governor of Bangko Sentral ng Pilipinas (BSP), said today that the Philippine economy remains stable despite the crisis affecting the world’s biggest economies.

Guinigundo said that the economy grew by 3.6 percent in the first three quarters of 2011, even as its trading partners in Europe and the US experienced economic slowdown. He said that the 4.5 percent inflation rate recorded for the first 11 months of 2011 was within the government target of three to five percent inflation rate for the year. Thus, the purchasing power of the peso was not affected so much by the said crisis in Europe and United States.

The country also posted a balance-of-payments surplus of $10.3 billion for the first 11 months of 2011. This surplus is attributed to the nearly seven percent growth of dollar remittances from overseas Filipino workers (OFW) which amounted to $16.5 million.

The country’s foreign direct investment also displayed a positive performance posting a record of $700 million on a net basis. The influx of Business Process Outsourcing companies in the country also contributed to the positive growth of the economy. Also, the country’s portfolio investments posted a record of more than $4 million on a net basis.

The Central Bank posted an all-time high record of gross international reserves of more than $76 billion. This positive performance also strengthened peso versus the dollar. The year-end exchange rate was recorded at P43.80 to a dollar.

The positive credit rating given to the country’s, and BSP policies to ensure a stable banking system also contributed to the positive growth of the economy.

Guinigundo also said that with more government spending on infrastructure this year, the economy is expected to sustain its growth.

Guinigundo was the guest at the Communication and News Exchange Forum sponsored by the Philippine Communications and Operations Office (PCOO) and Philippine Information Agency (PIA). CNEX is aired over People’s Television (PTV-4) and Radyo ng Bayan nationwide. (PAE/PIA-GHQ)

Latest Stories
  • Science teaching enhanced in K to 12 curriculum (GHQ)
  • Statement from the Office of the Presidential Spokesperson (GHQ)
  • Single ticketing system scheme approved – MMDA (GHQ)
  • DepEd Media Advisory: Early Registration Day (GHQ)
  • Statement of Deputy Presidential Spokesperson Abigail Valte (GHQ)
  • ASEAN news: First Argentinean Ambassador Presents Credentials to ASEAN Secretary-General (GHQ)
  • Tagalog News: Pagbabaha sa Metro-Manila, gagawan ng permanenteng solusyon (GHQ)
  • Ochoa enjoins public servants to support 'Bayanihan ng Bayan' (GHQ)
  • Tagalog News: Kontribusyon ng mga OFW sa SSS inextend ang deadline (GHQ)
  • OFW contribution deadline extended –-SSS (GHQ)
  • Update SSS records for faster processing of benefits (GHQ)
  • Statement from the Office of the Presidential Spokesperson (GHQ)
  • PTV4 Streaming Broadcast Alternate Channel (GHQ)
  • PNP raises cop recruitment standard (GHQ)
  • PTV4 Streaming Broadcast (GHQ)

    Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
    For comments and feedback, please email PIA Newsdesk
    Copyright © 2005 Philippine Information Agency
    PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines