RP told to fight inflation<\/p>\n
MANILA (AFP): Michel Camdessus, the managing director of the
\nInternational Monetary Fund (IMF) urged the Philippines yesterday
\nto take bold steps to curb inflation which he warned threatened
\nlong-term economic growth.<\/p>\n
"If the impressive economic gains achieved thus far are not to
\nprove transitory, it is important that the Philippines move
\nquickly to the next phase of its economic transformation," he
\ntold a news conference.<\/p>\n
The Philippine economy grew by 5.07 percent in the first half,
\nbut the inflation rate surged to 9.9 percent in August before
\ntapering down to 8.6 percent last month.<\/p>\n
Manila earlier this year obtained a US$684 million IMF loan
\nwhose release is conditional on its meeting key targets in an
\neconomic program agreed at by the lender and the borrower.<\/p>\n
"Inflation is a cancer that if not tackled at an early stage,
\ncould risk undermining what has already been achieved, and if
\nleft unchecked could derail the whole program," Camdessus warned.<\/p>\n
"The slaying of this dragon we call inflation is an absolute
\nnecessity."<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-told-to-fight-inflation-1447893297",
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"sponsor": "Okusi Associates",
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