A very important motivation for this is the sharp rise in infrastructure spending and the need to ensure that this is not hindered by financial constraints. Third, a process of consultation with individual banks with the objective of developing realistic financial inclusion plans is going on.
Later this morning, the Philippine Statistics Authority (PSA) will announce the average percentage of inflation for July. My forecast is that it will settle within the range of 2.2 – 2.8 percent. This sits comfortably within the government’s target band, in line with our forecasts.