MANILA -- The Philippine economy needs a "shot in the arm" on the fiscal and monetary fronts to achieve at least the low end of its 7 to 8 percent growth target this year, an analyst said Tuesday.

Election-related spending is expected to stimulate consumption growth this year, as it did during the 2010, 2013 and 2016 polls, ING Bank senior economist Nicholas Mapa said in a statement.

Poll-related spending is also expected to deliver "substantial" gains in capital formation, he said.

"Increased economic activity is expected every time the campaign season begins and 2019 is expected to be no different with polls opening in May," he said.

With inflation easing after the Bangko Sentral ng Pilipinas raised the benchmark lending rate by a cumulative 175 basis points last year, the monetary authority has "little reason to keep rates elevated unnecessarily," he said.

The economy grew 6.2 percent in 2018, with above-target inflation and high interest rates "sapping" consumption and investment momentum, he said. Gross domestic product grew 6.1 percent in the fourth quarter.