ECONOMISTS surveyed by the Bangko Sentral ng Pilipinas (BSP) expect inflation to settle at 3.3 percent this year, citing downward pressures from lower global oil prices, electricity rates, and uncertainty about the global economy. The 2017 forecast would be the fastest yearly average inflation rate in three years since it hit 4.1 percent in 2014. The package consists of a reduction in personal income taxes, higher excise tax on petroleum products, higher automobile tax, and higher tax on sugar‐sweetened beverages. For 2018, the economists gave a mean inflation forecast of 3.4 percent—faster than the 3 percent BSP estimate—compared with 3.5 percent in the previous survey. Respondents to the survey were economists from Al-Amanah Islamic Bank, ANZ, Asia ING, Banco de Oro, Bangkok Bank, Bank of Commerce, Bank of China, Bank of the Philippine Islands, Barclays, Chinabank, Citibank, CTBC Bank, Deutsche Bank, Eastwest Bank, Global Source, IDEA, Korea Exchange Bank, Land Bank of the Philippines, Maybank, Maybank-ATR KimEng, Metrobank, Multinational Investment Bank, Mizuho, Nomura, Philippine Equity Partners, Rizal Commercial Banking Corp., Robinsons Bank, Security Bank, Standard Chartered, UBS and Union Bank.

Source: Manila Times July 23, 2017 17:03 UTC