quarter 2022 GDP growth and it was 7.4%, a bit lower than the Q1 growth of 8.2%. The PSA also released the July 2022 inflation rate last week and it was 6.4%, a bit higher than June’s inflation of 6.1%.
The Philippines inflation for January-July is 4.7%, within the inflation target of 4.5%-5.5% set by the Development Budget Coordination Committee or the economic team . If GDP growth in the second half of 2022 is sustained at 7-8%, this column projects a full year inflation of 5-5.2%. The Philippines just enacted many market-oriented reforms: the corporate income tax cut under the CREATE law, the liberalization of the Public Service Act, the Foreign Investment Act, the Retail Trade Liberalization Act, dynamic Public Private Partnership , and there are no planned major tax hikes on the horizon. These are good attractions for those foreign businesses to come in, and for those already here to stay put.
Three, the effect of vaccination that may have affected some people’s fertility. Mass vaccination in the Philippines started in March 2021. The various COVID-19 vaccines were developed in just months, with no long-term study on reproductive health of people done, they were rushed as emergency use authorization .
And three, a rising share of coal power, a declining share of natural gas and intermittent renewables .
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