MANILA - A growth rate of 7 percent next year is "very doable" because inflation will no longer be a factor, an official of the central bank said.
Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said accelerating inflation pulled down consumption this year and caused the economy to miss the 7 to 8 percent growth target originally set for 2018.
Guinigundo however noted that inflation is already slowing down and will further decelerate next year as the government implements the rice tariffication law.
"The challenge is to have it (Rice Tariffication Bill) signed as soon as possible because the next step is to prepare the implementing rules and regulations," Guinigundo said.
He said a team from the different government agencies is already drafting the IRR of the bill so that the measure can be implemented by the first quarter of 2019.
Government spending on infrastructure, which is expected to be sustained in 2019, will also fuel growth, Guinigundo said.