At the same time, year-todate average inflation of 3.0 percent is at the lower end of our inflation target range. Over the policy horizon, the BSP expects inflation to fall well-within the government’s official target range of 3-5 percent. Clearly, the Philippine fundamental story remains solid as we continue to enjoy the positive convergence of high growth and low inflation.
Promoting growth of micro, small, and medium enterprises (MSMEs) is critical from the perspective of job creation which is recognized as a prime mover of the development agenda in India. MSMEs sector contributes about 45% of the total industrial output, 40% of the export and 8% in the GDP. Also, the sector employs largest amount of workforce after agriculture and promotes balanced regional development.