In fact, it grew by 6.2 percent last year and, based on forecasts by the IMF, it is poised to maintain growth in the 6.0-percent territory this year and next. The government is even more bullish, with the official growth targets set at 6.0 to 7.0 percent this year, 6.5 to 7.5 percent next year, and 7.5 to 8.0 percent in 2021.
The inflation environment is also favorable. While the economy experienced elevated inflation last year, it was fixed through the prompt implementation of monetary and non-monetary actions. BSP raised policy rates by a total of 175 basis points to arrest brewing second-round effects and to anchor inflation expectations.