Central bank head says the Philippines may avoid recession

The head of the Philippines central bank has announced the economy will not go into recession, unlike neighboring countries Singapore, Thailand, Taiwan and Hong Kong. The central bank has slashed rates a total of 175 basis points since last December in an attempt to boost the economy, and analysts now say inflation is finally slowing down, despite the economy having contracted at its fastest pace in 20 years. The country’s inflation rate is now at an 18- month low of 3.3 percent. The bank will likely execute one final rate cut.

Philippine inflation at 18-month low in May, Business Week

Philippine c.bank signals rate cut, could be last, Forbes

Philippines spared recession, The Straits Times