The country’s balance of payments posted a record surplus of $ billion in 2007, buoyed by the sustained strong remittance of overseas Filipinos as well as higher net services receipts, and capital inflows. The country’s gross international reserves (GIR) also continued to post record highs.
Inflation reached 4.8 per cent net of the most volatile components – energy and food – which are the most affected by the conflict in Ukraine. Almost two thirds of the overall increase in consumer prices over the past twelve months appear to have been caused by the increases in energy prices, both directly and through the impact on production costs.