BSP: Inflation steady at below 5%, 2011 goal likely met

December inflation would, at most, reach 4.9 percent and average out the full-year figure to 4.5 percent — well within the 3 to 5 percent range the Bangko Sentral ng Pilipinas (BSP) targeted for 2011.   "I think that is going to be close to the November (inflation rate). We are awaiting for an assessment of the extent of the damage of the floods in terms of crops as well as in terms of infrastructure and property," BSP Gov. Amando Tetangco Jr.  said Tuesday.   In its latest situation report, the National Disaster Risk Reduction and Management Council (NDRRMC) pegged the damage tropical storm “Sendong” wrought on agriculture sector of Northern Mindanao—limited only to reports from Bukidnon—at P37 million, while damage to roads and bridges was estimated at P970.8 million, which was mostly in Cagayan de Oro and Lanao del Norte.   But with December closing in just a few days, any supply disruptions and consequent impact on prices would factor into the inflation data of January 2012 at the earliest.   Northern Mindanao accounts for roughly 5 percent of the gross domestic product or total production output of the country’s economy. Bukidnon accounts for half of the country’s pineapple production, according to the National Statistical Coordination Board (NSCB).   “Pineapple contributes P1.3 billion, or 11.5 percent, to the total P11.47 billion agricultural crop industry of the Northern Mindanao region in 2007; the fourth biggest contributor in terms of value of output at constant 1985 prices,” the NSCB said. http://www.nscb.gov.ph/ru10/1Q_WA_08.pdf   “In 2006, the area harvested of pineapple in Bukidnon registered at 18,500 hectares, or 37.14 percent of the Philippines’ total hectarage, contributing 919,980 metric tons, or 49.45 percent of the Philippines’ total pineapple production.” The NSCB also noted.   The NDRRMC and Philippine Atmospheric, Geophysical and Astronomical Administration (PAGASA) said some of the rainwater that fed the rivers that overflowed when Sendong passed through fell on Bukidnon first before flowing down to the river deltas of Cagayan de Oro. — ELR/VS, GMA News