PHILIPPINE RETAILING
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BSP SEEN EASING POLICY TO
SUPPORT GROWTH TARGET
The Bangko Sentral
ng Pilipinas (BSP) is
increasingly expected
to begin easing its
policy stance in the
second quarter this
year to support the
growth trajectory back
to the 7-8 percent
target.
This is exclusive only to PRA members in good standing (updated in
their annual dues) and active in participating the organization’s events.
DFC Chief Operating
Officer (COO) Vicente
Pelagio
Angala
said that with this
expansion, the state-
owned retail company is giving speed to its target of reaching
15% of the international traveler by 2027.
“We are in coordination with the Department of Transportation
(DOTr) and definitely it will happen this year,” said Angala.
But, he said, “with the inflation specter nipped for the time being, the
BSP will likely unload a string of easing measures to help buttress
growth closer to the administration’s growth target of 7-8 percent.” Angala also revealed that DFPC’s total sales reached $217
million in 2018, a 2% growth from 2017.
With the central bank expected to start cutting key rates in the
second quarter, another reduction in banks’ reserve ratio is also seen
as early as the first quarter this year. Filipino tourists, Balikbayan’s and OFWs remain the DFPC’s
top source market with 59.9 million USD total of transactions,
followed by the Americans ($4.9 million), Chinese (1.5 million
USD), and Canadians ($1.1 million).
“With liquidity conditions still relatively tight and the Governor’s
(Nestor A. Espenilla Jr.) pledge to slash reserve requirements (RRR)
to single digits by the end of his term, we can see the BSP slashing
RRR further in the first quarter followed by a possible policy rate cut
in the second quarter to help bolster growth for the second half of
the year,” said Mapa.
Private forecasters polled by the BSP expect this year’s average
inflation to hit 4.1 percent and 3.8 percent in 2020 and these
forecasts were based on their assessment that the balance of risks
to the inflation outlook has shifted toward the downside.
The private forecasters’ estimates are however higher than BSP’s 3.2
percent and three percent forecasts for 2019 and 2020, respectively.
Manila Bulletin, 01/26/2019
The Philippine Retailing is the official quarterly newsletter of the
Philippine Retailers Association with office at 2607/2610 Jollibee
Plaza F. Ortigas Jr. Road (formerly Emerald Ave.) Ortigas Center,
Pasig City, Philippines
Telephone Nos.: (632) 687-4985, 687-4180, 687-4181
Fax No.: (632) 636-0825
For questions, comments, suggestions, contributions or
ad placements email us at: [email protected]
or [email protected]
The PRA BizCart (Affinity Program) is a unique project which offers
exclusive discounts, special accommodations, free consultations,
freebies etc. from the supplier members of the association.
Duty Free Philippines
Corporation
(DFPC)
has announced plans
to open new stores
at the international
airports of Puerto
Princesa, Palawan and
Panglao, Bohol this
year.
Commenting
on
the
Philippine GDP turnout of
6.1 percent in the fourth
quarter, which brought the
full-year growth to a lower-
than-expected 6.2 percent (the 2018 target was 6.5-6.9 percent),
ING Bank senior economist Nicholas Mapa said the high inflation
of the past year was one of the reasons for the low GDP number,
although consumption spending is still strong.
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Manila Bulletin, 01/26/2019
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“One of the factors that contributed to this growth is our
partnerships with third-party online payments solutions such
as Alipay and WeChat,” said Angala.
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