The outlook for this year remains positive, although at a slower pace of growth. Nevertheless, this is not bad at all considering that the Philippines is one of the few Asian countries seen to grow and ride out this severe global economic recession. BIS Review 59/2009  1  Our inflation rate continues to decelerate.
Headline inflation in April was reported at 4.8 pct from 6.4% the previous month. Core inflation has similarly slowed down (to 5pct from 5.6 pct). The forecast average inflation for 2009 is at 3.4 pct, well within our set target range of at 2.54.5%. Our Balance of Payments is expected to continue to be in positive territory through the year.