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PEP Says There Will Be More Pipeline Projects Until 2022

Based on the Philippine Energy Plan (PEP), the government is looking to put nine natural gas projects in place in Luzon from 2017 to 2022, with the intent of developing the country’s natural gas industry.

Some of the projects include Batangas-Manila 1 (BatMan1), which is considered to be the backbone infrastructure as a high-pressure gas transmission pipeline from Batangas to Sucat, Batangas Manila-2, Bataan-Cavite, Subic Pipeline, Clark Pipeline and Subic-Fort Bonifacio Pipeline among others.

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Philippines Still Has Bright Economic Future

For the third quarter of 2013, the country’s gross domestic product (GDP) grew by 7.0% year-on-year, slightly lower than the Bloomberg consensus estimate of 7.1% and BPI Asset Management’s forecast of 7.2%.

Nevertheless, the figure still brings average GDP growth for the first three quarters of the year to 7.4%, higher than the government’s target of 6%-7% for 2013. Compared to its regional peers, the Philippines is still one of the fastest growing countries, falling slightly behind China’s 7.8%.

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Headline Inflation of Philippines at 2.6%

Headline inflation at the end of April 2013 decelerated to 2.6% year-on-year, the lowest level in 13 months amid slowing month-on-month price increases across almost all commodity groups.

April’s inflation figure was lower than the previous month’s 3.2% increase and was well within the BSP’s expected range of 2.2%-3.1% for 2013. The result was not a surprise given a strong increase in corn/rice output of +4.5% year-on-year and +11.3% year-on-year respectively for the period ending 1Q 2013.

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