Strengthening Peso In
Relation to United States (U.S.) Dollar
The
current market price for which one currency can be traded for another is called
an exchange rate[1]. For example, if the U.S. Dollar exchange rate
for the Philippine Peso of 44.38 means that 1 U.S. Dollar can be exchanged for
44.38 Philippine Peso. Though it is
challenging to understand the changes in foreign exchange market rates, it
stays as one of the most analysed and forecasted economic indicators as
exchange rates play an important role in determining the level of
competitiveness of a country.
According
to TradingEconomics.com, the USD-PHP spot exchange rate has appreciated 0.6200
or 1.42 percent during the last 30 days.
During the period from 1998 to 2013, this exchange rate averaged 47.2700
pesos to a dollar reaching an all-time high of 56.3400 in October 2004 and a record
low of 37.8400 in May 1999. According to
the BangkoSentral ng Pilipinas (BSP), the average monthly Peso per U.S. Dollar
rate for 2013 is at 42.2954[2]
Earlier
in October this year, the Philippine Peso was expected to significantly
appreciate next year to 40-to-a-dollar and would be among the strongest in the
region as forecasted by the investment bank Goldman Sachs due to increase in
investments, continuous inflow of foreign exchange from Overseas Filipino
Workers, and the strengthening of business process outsourcing (BPO).[3] Though the peso fell to its lowest since
September last December 20,,2013 at 44.50:$1 due to the US Federal
Reserve’s unexpected announcement of its intent to taper its monetary stimulus
through quantitative easing (QE) on January 2014, the BSP remains untroubled
and still expects the peso to gain its
strength back as remittances from overseas workers continue to increase[4]. The following table shows a positive outlook
by the Economist Intelligence Unit for the Philippine currency in the coming
years:
Table
2. USD-PhP Exchange Rate
Year
|
USD-PHP
Exchange Rate
|
2013
|
43.00
|
2014
|
42.50
|
2015
|
42.00
|
Stable Interest Rates
In 2012, the country’s key policy interest rate was at 3.5%.[5]
In 2013, the said BSP’s rate
for the overnight borrowing or reverse repurchase (RRP) facility was kept at 3.5% by the Monetary Board and 5.50 %
for the overnight lending or repurchases (RP) facility[6]. The decision to maintain these rates stems
from the BSP’s assessment that inflation stays non-threatening and
domestic economic activity continues to show solid growth. Moreover, lending to the productive sectors
of the economy has also been growing in strength, thus, contributing to the
minimization of price pressures. Comparatively three years ago, rates for the
RRP and RP facilities were at 6.00 and 4.00, respectively, which means that
current rates are lower.
To further
support this positive outlook, Table 3 shows a forecast for the next few years
on this economic factor.
Table
3. Interest Rate Forecast 2013-2015[7]
Year
|
Interest
Rate
|
2013
|
3.5
|
2014
|
3.5
|
2015
|
3.5
|
Lower
and stable interest rates may mean an opportunity for the government and
through it the hospitals, to improve its capability for the enhancement of its
facilities through expansion projects and opens the option of financing these
through long-term borrowings. Interest
rates affect hospitals financially as it determines the level of costs the
government incurs from its existing loans through interest expenses and
repayments. With stable interest rates,
the government will, in part, be able to efficiently control its financial
health in terms of its current and future long-term borrowings for its capital
investments. Additional hospital capital
investments will consequently result to better delivery of health care services.
Low
and Stable Inflation
With the
strength of domestic economic activity and increasing capacity of domestic
productivity, the BSP remains unruffled as it deems inflation as manageable
over the next few years[8]. Forecasts support this stance as it shows
that inflation will stay within the target range over policy horizon. In general, mean inflation is expected to
decrease but still within-target for 2013 to 2015. For 2013 and 2014, forecast showed the
decrease to 2.9% and 3.5%, respectively, and a stable 3.6% for the year
2015. With stable global commodity
prices, price pressures in the country are expected to be unthreatening as
well. Good demand indicators and manageable
supply conditions are also anticipated to maintain the current robust domestic
economic activity. The following fan
chart demonstrates that risks to BSP’s positive outlook on inflation, through
careful assessment of price trends and future inflation, appear to be positive
as well. The fan chart illustrates the
probability of different inflation outcomes and risks based on a central
projection. The relatively larger bands
above this central projection, the BSP’s baseline forecast, confirms that its position
is indeed on the upside.
Inflation Rate Fan Chart 2013-2015
Source: BangkoSentral ng Pilipinas, 3rd
Quarter 2013
Relevance:
Inflation
affects the hospital in terms of its costs of operation such as wages, repair
and maintenance costs, supplies and equipment.
Irregular fluctuations or fast increases in prices can cause the
hospital’s inability to catch up in its adjustment of prices of services it
offers or in its request for additional budget and may also therefore mean
higher cost of operations and lesser profits.
Low and stable inflation rates in the next few years shall present the
hospital with more control in its costs of operations, prices of medical
services it offers, and generation of revenues as well. Moreover, low and stable inflation also means
more peso for people to spend and thus, increases their capability to pay for
health services as well. This,
therefore, presents an opportunity for the hospital.
Upward Trend of GDP Growth
Rate
The domestic
economy accelerated in the third quarter of 2013 by 7.5 percent from 7.3
percent recorded the previous year boosting the 2013 first nine months growth
to 7.4 percent from 6.7 percent in 2012[9].
The third quarter growth is the fifth consecutive GDP growth of at least 7.0
percent under the Aquino Administration. This is the result of strong
performance in the real estate, renting, and business activities, trade and
financial intermediation. This growth is
backed up by the Industry sector’s robust growth as well.
It even surpassed the World Banks’s expectation of 6.2%
for 2013 and the forecast made by the Economy Watch that shows an expected GDP
annual growth rate of 6.3-6.9 percent from 2012 to 2016 and will reach US$ 514
billion by the end of 2016[10].
Philippine GDP, 1980-2015
Source: Economy Watch.
http://www.economywatch.com/economic-statistics/country/Philippines/.
According
to World Bank, shall the country sustain a high GDP of at least 5%, around 2.2
million Filipinos can be provided with good jobs from 2013 to 2016[11].
The following table shows a positive viewpoint for the country’s annual GDP
growth rate in the next few years.
Table
4. GDP Annual Growth Rate Forecast 2013-2015[12]
Year
|
GDP
Annual Growth Rate
|
2013
|
4.50
|
2014
|
7.25
|
2015
|
7.17
|
Relevance:
An important component of GDP is consumption and government
expenditure. The steady growth of
economy may mean an increase in private and government expenditure on
health. With private consumption as a
basic driver of the country’s GDP growth, people could be spending more not
only for non-medical items such as food but also for medical services offered
in hospitals as well. Government
spending for the provision of health services could also be increasing, and
thus, may increase the number of Filipinos with health coverage. This has a
positive effect on hospitals as continuous and increased spending on health
care services would result to the hospital’s improved financial position and
consequently improved quality of services.
Migration of Experienced
Health Care Professionals
In
the global labor market, the Philippines has become a source of a great number
of professional workers especially for the first world countries; health
workers are not left behind by this migration trend. Nurses comprise the largest number of health
workers leaving the country followed by midwives and doctors. In 2010, the
Philippine Overseas Employment Agency (POEA) reported a total number of 12,082
nurses and 266 midwives deployed to other countries[13].
Next to India, the Philippines is already the largest source of doctors in
hospitals abroad. The country also supplies 25 percent of all overseas nurses
worldwide[14]
and 83 per cent of foreign nurses in the United States[15].
This loss of skilled manpower in the local health sector is attributed to the
country’s deeper issues on employment opportunities and inadequate wages to
sustain a decent living. Our professionals continue to leave our country to
seek more opportunities for career development and higher living standards.
According
to a report of POEA, Nurse Professionals ranked second among the top ten
deployed land-based Overseas Filipino Workers by Occupational Categories. From 2008 to 2012, the number of nurse
professionals deployed abroad shows an increasing trend. The year 2011 marked
the highest number at 17,236 deployed nurses.
Table
5. Number of Deployed Land-based Overseas Filipino Workers by Top Ten
Occupational
Categories, 2008-2012[16]
Relevance:
Because
the migrating nurses are usually the ones with training, experience and skills,
patients in hospitals and other health institutions in the Philippines can
expect a higher incidence of cross-infections, adverse events after surgery,
accidents, injuries and even increased violence against the staff.
Moreover,
with the best among nursing students often leaving as soon as they graduate,
the less skilled are taking the place of senior or relatively more experienced
nurses who have also left for other shores. In a year or two, they too would be
gone. The void would be filled once more by fresh graduates who would repeat
the same cycle: get a few years’ experience in a local hospital, apply for work
abroad and then leave. It is say many health professionals, a cycle that leaves
local hospitals in a state of perpetual displacement—and patients in constant
danger. With staff usually composed of
trainees, quality of service may deteriorate.
This would also contribute to higher costs of operation as hospitals
continuously spend for the training of newly hired medical staff. This poses a threat to hospitals.
High Poverty
Incidence Among Families
In
2012 full year official poverty statistics report made by the Philippine
Statistical System in early December 2013, statistics show that extreme poverty
remains at 1.6 million in the previous year[17]. This refers to the subsistence incidence or
the proportion of Filipino families under extreme poverty. This is estimated at
7.5 per cent in 2012 with no significant increase since 2009.
Poverty incidence refers to the
percentage of poor families to the total number of families in an area. The latest NSCB report shows that the poverty
incidence in the country was at 19.7 per cent in 2012, a significant decrease
since 1991. This means that about one (1) out of every five (5) Filipino
families was poor in that year. Since
2006, with the continuing growing population of the country, no significant
changes in poverty incidence were observed.
Despite this fact, however, the number of poor families increased to 4.2
million in 2012 from 3.8 million in 2006.
Table 6. Annual Poverty
Incidence in the Philippines[18]
Year
|
Poverty
Incidence Among Families (%)
|
1991
|
29.7
|
2006
|
21.0
|
2009
|
20.5
|
2012
|
19.7
|
Table 7. Annual Magnitude of
Poor Families in the Philippines[19]
Year
|
No.
of Poor Families
|
1991
|
3,554,878
|
2006
|
3,809,283
|
2009
|
4,036,915
|
2012
|
4,214,921
|
Relevance:
With the basic needs
as the priority of expenditure of families, persistence of poverty incidence in
the country could mean lesser spending of people for health or medical
services. The increasing number of poor
families also means an increasing number of patients for government hospitals whose
main thrust is to serve people who belong to poor families. More people will seek medical care from
government hospitals that offers medical services subsidized by the National
Government. This presents an
opportunity for the QMMC to be able to serve more people.
Increasing
Philhealth Coverage Through the Implementation of Case Rate System and No
Balance Billing Policy
In September 2011, the Philippine
Health Insurance Corporation implemented the New Case Rate System that
standardized the cost of payment of medical services and surgical
procedures. The case rate system assigns
fixed rates that Philhealth reimburses for specific cases; thus, members will
be able to know just how much Philhealth will be subsidizing for the medical
services they have availed of. Moreover,
this new system provides faster reimbursement of fees to health care providers
such as government hospitals with significant reduction in the processing time
of claim documents from 60 days to as fast as 10 days or less. The following table shows the rates for
medical cases and surgical procedures in the new system.
Table 8.Medical Case and Surgical Procedures
Case Rates[20]
Medical
Cases
|
Case
Rate in Pesos
|
Dengue I (Dengue fever, DHF grades I & II)
|
8,000
|
Dengue II (DHF grades III & IV)
|
16,000
|
Pneumonia I (moderate
risk)
|
15,000
|
Pneumonia II (high risk)
|
32,000
|
Essential Hypertension
|
9,000
|
Cerebral Infarction
(CVA-I)
|
28,000
|
Cerebral Hemorrhage
(CVA-II)
|
38,000
|
Acute Gastroenteritis
(AGE)
|
6,000
|
Asthma
|
9,000
|
Typhoid Fever
|
14,000
|
Newborn Care Package in
Hospitals and Lying in Clinics
|
1,750
|
Surgical
Procedures
|
|
Radiotherapy
|
3,000
|
Hemodialysis
|
4,000
|
Maternity Care Package (MCP)
|
8,000
|
NSD Package in Level I
Hospitals
|
8,000
|
NSD Package in Levels 2
to 4 Hospitals
|
6,500
|
Caesarean Section
|
19,000
|
Appendectomy
|
24,000
|
Cholecystectomy
|
31,000
|
Dilatation and Curettage
|
11,000
|
Thyroidectomy
|
31,000
|
Herniorrhaphy
|
21,000
|
Mastectomy
|
22,000
|
Hysterectomy
|
30,000
|
Cataract Surgery
|
16,000
|
The “No Balance Billing (NBB)
Policy” is another benefit for sponsored members who are admitted in government
hospitals. Philhealth’s insurance
coverage includes expenditures as per the benefits schedule up to a limit. Shall a patient-member exceed the ceiling;
he or she shall cover for the additional costs. Under the NBB policy, however, the
patient-member will not be charged with any fees or expenses beyond the stated
package rate thereby providing financial risk protection to Filipinos
especially those from poor families.
NSCB Statistics also show that
between 2000 and 2008, the number of Philhealth beneficiaries, comprising of
members and their dependents, have significantly increased from 29,597 in 2000
to 68,869 in 2008. This increasing
number of beneficiaries is reflected in the upward trend of NHIP coverage rate
in the country from only 38.5% to 76.2% of the total Philippine Population in
2008.
Table 9. Number of active
Philhealth Beneficiaries (Members & Dependents)[21]
Year
|
Total NHIP Beneficaries
in Thousands
|
2000
|
29,597
|
2001
|
36,744
|
2002
|
43,565
|
2003
|
42,401
|
2004
|
69,506
|
2005
|
54,599
|
2006
|
68,403
|
2007
|
64,467
|
2008
|
68,669
|
2009
|
81,178
|
2010
|
69,984
|
2011
|
78,386
|
2012
|
77,669*
|
Relevance:
The upward trend of Philhealth
coverage among Filipinos and Philhealth’s target of 100% will positively change
the behavior of people towards seeking for medical services. As people get well-informed of the benefits
they could get from being a Philhealth member, more Filipinos especially the poor
will take advantage of its utilization.
This is further enhanced by the implementation of the case rate system
and the no balance billing policy that allows people to estimate the amount
that Philhealth shall cover for the medical expenses provided to them, thereby
protecting them from financial risks.
More people seeking medical services and availing Philhealth benefits
means more patients for government hospitals like the QMMC; thus, an
opportunity for the hospital as well.
Increasing Gov’t Budget Appropriation for the
Department of Health (DOH)
Annually,
the DOH Budget is developed initially with the Department of Budget
Management’s (DBM) issuance of the budget call during the first quarter of the
year. The DBM sets budget ceilings based
on the availability of funds in the treasury and its estimated income for the
year. The DOH, then, together with all
other line agencies formulates their budget for the year based on the issued
ceilings. The line agencies’ proposals
will then be consolidated into a National Expenditure Program (NEP) and
converted into a General Appropriations Bill that will undergo a deliberation
by both the House of Representatives and the Senate. The budget appropriated
for DOH has significantly increased for the past five years from P18 billion in
2008 to P50 billion in 2013. This is
even expected to increase as the proposed budget for 2014 is at P80 billion
indicated in the 2014 NEP[22].
Table 9. Department of Health Annual
Approriations[23]
Year
|
Annual
Appropriation in Peso
|
2008
|
18,912,010,000
|
2009
|
23,666,655,000
|
2010
|
24,649,765,000
|
2011
|
31,828,616,000
|
2012
|
42,155,963,000
|
2013
|
50,442,299,000
|
2014
|
80,171,300,000*
|
Note:
*Proposed DOH budget for 2014
The
increasing trend of government budget for DOH means more resources for
government hospitals. Greater resources
will mean more and better health services to be offered for the people. Greater subsidy received from the government will allow for more
capital spending on equipment and other facilities, and therefore, better
quality of services. It is, thus,
necessary that the DOH is able to maximize the spending of available resources
provided for by the National Government.
Technological
Implementation of
Health Facilities Enhancement Program (HFEP)
The Health Facilities Enhancement
Program (HFEP) is one of the banner programs of the Aquino Administration. Its main goal is to improve basic and
specialized health services providing trainings for health professionals and
upgrading health facilities, thereby providing better quality health care[24]. Primary health care facilities will be
strengthened to become more responsive to the needs of the communities in their
respective areas and be able to provide Basic Emergency Obstetric and Newborn
Care (BEmONC) and Comprehensive Emergency and Newborn Care (CEmONC)
services.
In 2007,
the program started to receive a separate line budget item with P10 million
allotted for Capital Outlay (CO) with continual significant increases. The CO budget increased from P1.6 billion to
P3.2 billion in 2010 and even reached P7 billion in 2011[25]. Moreover, its budget for DOH hospitals alone
was at P6.6 billion for the year 2013[26].
Relevance:
The
HFEP, with its thrust to upgrade health care facilities such as Barangay Health
Stations (BHSs) and Regional Health Units (RHUs) including government hospitals
nation-wide, will be able to enhance the country’s health facility network.
Expansion of services could be achieved in tertiary hospitals enabling them to
achieve higher quality level of service delivery. This program, therefore, presents an
opportunity.
The Growing
Trend of IT in Health Industry
Globally,
the application of Information and Communications Technology in the
operations of health institutions has been the norm in the more developed
countries for more than 2 decades. Hospital operations are supported in terms
of health record systems management, inventory management, and accounting and
financial management and inter-operational communications. Over the years, this trend has made available
useful technologies for the health industry such as electronic health record
software (EHR), personal health gadgets, telemedicine, clinical and billing
software, health information exchange, and cloud services[27].
IT innovations
will also improve population health management through which chronic conditions
in patients in a hospital may be determined and related readmissions may be
reduced thereby leading to cost savings and improved services for both patients
and health care providers.
Social/Cultural
Increasing Population
Latest data
from the National Statistics Office (NSO) show that the Philippine population
is 92.34 million based on the 2010 census results and is expected to continue
to grow in the coming years[28]. The number shows that the population has
increased to almost 16 million from the 2000 result of 76.5 million at a growth
rate of 1.89% down from 2.34%. Using
this growth rate recorded in 2010, it is estimated that the country has a
population of around 98.73 million in 2013[29].
According to the projections
made by the NSO, the population will continue to increase and will reach around
141 million by the year 2014 at growth rate of 0.92%. This projection shows that 65 million people
would be added to the Philippine population from 2000 to 2040, on the account
that there will be a significant decrease in the average annual growth rate to
1% in 2030 to 2040 from 2.34% in 1990 to 2000.
Table 10. Summary of Projected Philippine
Population, by Five Year Interval: 2000-2040[30]
Year
|
Projected
Philippine Population
|
||
2000
|
76,946,500
|
||
2005
|
85,261,000
|
||
2010
|
94,013,200
|
||
2015
|
102,965,300
|
||
2020
|
111,784,600
|
||
2025
|
|
||
2030
|
128,110,000
|
||
2035
|
135,301,100
|
||
2040
|
|
Relevance:
The
increasing trend of Philippine population presents an opportunity for the
hospital industry. The increasing
population means more people will be needing medical or health services from
health care providers such as government hospitals. Since the main thrust of government hospitals
like the QMMC is to deliver medical services to the people, more Filipinos will
be served and therefore utilization of such institutions is maximized.
Health Seeking Behavior of Adolescents in the
Philippines
Of the total
population of the Philippines, it is estimated that around 20% is comprised of
adolescents[31].
In 2010, young people aged 10 to 24 years old accounts for an estimated 30.5%
of the said total.
Table 11. Number and Percentage of Young
People by Age and Sex, Philippines 2010
Year
|
Total
Number
|
%
of Total Population
|
10-14
|
10,168,219
|
11.0
|
15-19
|
9,676,359
|
10.5
|
20-24
|
8,370,398
|
10.0
|
Total
|
28,214,976
|
30.5
|
On the
account of the total Philippine population, the number of young people in 2010
showed an increase since 2000. Its size,
however, had slightly declined from 31.3% in the 2000 census[32]. This proportion to the total population is
expected to further decrease by the year 2025 to 27% with a total of
approximately 32 million[33].
On the
health seeking behaviour of adolescents in the country, latest report of the
World Health Organization about the Philippines indicate that adolescents and
young people are likely to care less in seeking medical or health care. This is due to the fact that they have
already surpassed childhood diseases and are not yet affected by the health
problems that usually occur among the older population[34]. According to the 2008 National Demographic
and Health Survey in the Philippines, young people who seek primary care
visited RHUs and BHSs more than other types of health facilities due to illness
and injury and medical check up, the top two reasons of visits at 67.6% and
28.1%, respectively[35]. The study also showed that those surveyed
mentioned at least one problem in accessing health care with lack of money as
the top reason at 56.8% among 15 to 19 year old women. This is further supported by a survey
conducted on health living of Filipinos by a large independent life insurance
group. Results of the survey show that among the Filipino adults who were
surveyed, only 53% have had a medical check up in the past 12 months. Moreover,
according to the same study, their decision to visit health care providers was
mainly influenced by the price of health care services that are perceived to be
expensive[36].
If this trend will continue to increase in the future,
diseases among this age group may not be detected and treated early and
therefore lead to increases in the incidence of such diseases in the latter
years. The following restrictions to the use of health services were also
identified: lack of financial resources to pay for medicines and medical fees,
lack of information on availment process of health benefits offered by the
government and perception of poor quality of health services in the country[37].
Environmental
Persistence
of Climate Change causing Increased Incidence of Diseases
It is undeniable that the weather and
climate affect our health as changes in weather/climate factors such as
temperature, precipitation patterns and weather conditions could increase and
spread diseases especially the climate-sensitive ones[38]. Higher temperature not only increases
mortality rates but also leads to higher levels of air and water pollutants
that are dangerous to human health. In a
report made by an environmentally concerned organization, global temperature is
expected to increase to 4.9 degrees Celsius by the year 2100 if no action
(business as usual) is taken to reduce greenhouse gas emissions as shown in the
graph below[39]. Moreover, climate change leads to the
occurrence of frequent extreme weather conditions such as stronger typhoons
that poses threats to people with flash floods, extremely high winds and
landslides among others.
Factors of climate have an impact on
human health because these are critical determinants of various diseases. Climate change could affect transmitters of
diseases through food, water and even animals.
Because bacteria grow more rapidly in higher air temperatures, this
could lead to higher incidence of food-borne diseases such as salmonella and
bacteria-related food poisoning. With
frequent heavy rainfall or flooding, contamination of water bodies with
bacteria can causes disease such as gastroenteritis and infections.The
effects of climate change also increase the incidence of diseases such as
Dengue, Malaria and even Leptospirosis transmitted by mosquitoes that thrive in
stagnant waters and rats whose feces may contain pathogens.[40]
Increasing incidence of diseases also means an increase in the number of
patients in hospitals; thus, providing an opportunity for hospitals to serve
greater number of patients.
A.
Positive and
Negative Aspects
Positive
Aspects
1.
Economic Growth –
This means more people can afford healthcare, more taxes paid and more revenues
for the government for its health programs, health infrastructure and staffing
pattern increase. This also spells additional funds for medical research and
development.
2.
National Health
Insurance Program (NHIP) – Philhealth is nearing its 100% coverage. That means
the No Balance Billing for the greater percentage of Filipinos
3.
Technology – The
widening use of Electronic Medical Records (EMR), Telehealth and new generation
equipment in hospitals and healthcare centers lead to efficient healthcare
delivery and healthcare operations. Telemedicine offers wider dissemination of
information and diagnosis and treatments for patients particularly in far-flung
areas.
Negative
Aspects
1.
Climate Change –
Climate Change leads to the increase of diseases that are not endemic in other
areas before such as Dengue and other water-borne diseases.
2.
Population Growth
– The increase in population strains the healthcare infrastructure of the
government in meeting the healthcare demand of the people. Also, population
pressure leads to a higher population density wherein poor areas are the most
vulnerable to diseases that are easily spread due to proximity. Also, these
areas are the most prone to climate change related diseases.
[1]Philippine
Peso.Trading Economics.http://www.tradingeconomics.com/philippines/currency.
Accessed on December 22, 2013.
[2]
Peso Per US Dollar Rate. BangkoSentral ng Pilipinas.http://www.bsp.gov.ph/statistics/spei_pub/Table%2024.pdf.
Accessed on December 27, 2013.
[3]Montecillo,
Paolo.Peso seen appreciating to 40 to $1 in 2014. The Philippine
Inquirer.October 10,2013.
[4]Montecillo,
Paolo.Peso seen to strengthen against US Dollar. Philippine Inquirer.December
22,2013
[5]Central
Bank Rates.http://www.cbrates.com/
Accessed on December 27, 2013.
[6]Inflation
Report Third Quarter: 2013.Bangko Central ng Pilipinas.www.bsp.gov.ph.
[7]Philippines
Economic Forecast. 2013-2015 Outlook. Trading Economics.http://www.tradingeconomics.com/philippines/forecast.
Accessed on December 27, 2013.
[8]Inflation
Report Third Quarter: 2013.Bangko Central ng Pilipinas.www.bsp.gov.ph.
[9]Source: National Statistical Coordination Board. 2013:
Philippine Economy Posts 7.0 % GDP Growth in Q3 2013. http://www.nscb.gov.ph/sna/. Accessed on December 28, 2013.
[10]Philippines
Economic Forecast.http://www.economywatch.com/world_economy/philippines/economic-forecast.html.
Accessed on December 28, 2013.
[11]The
World Bank.Philippine Economic Update. May 2013
[12]Philippines
Economic Forecast. 2013-2015 Outlook. Trading Economics.http://www.tradingeconomics.com/philippines/forecast.
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