There are other factors that lead us to say that deflation is remote – or that  1  2  Note: Trade value (exports plus imports) relative to GDP is low for the Philippines as compared to most of our regional peers.
Average (2005–2012): Philippines – 52.2; Malaysia – 144.6; Singapore – 290.6; Thailand – 123.6; Indonesia – 44.3; Taiwan (PRC) – 118.7; South Korea – 84.6. BIS central bankers’ speeches  inflation would remain positive. These are wage rigidities and the upside risks from pending petitions for utility rate adjustments (electricity) and potential power shortages.