INQUIRER FILE PHOTO / GRIG C. MONTEGRANDE
MANILA, Philippines – The Philippine economy has already entered a stagflation episode, which may warrant a shift away from expansionary government spending as further stimulus risks aggravating inflation pressures, the Congressional Policy and Budget Research Department (CPBRD) said.
In its latest discussion paper, the CPBRD said the current trends point to continued economic weakness, with Gross Domestic Product (GDP) growth unlikely to exceed 3 percent in the coming quarters, inflation staying elevated at around 8 percent and unemployment remaining near the 5 percent level.
READ: Philippines can avoid stagflation, UA&P economists say
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