An important result of the Philippines’ strengthening fiscal management should be easing inflation, this will be helped further by the current low oil prices and portfolio investments that will feed off the recent credit upgrade. According to BofA Merrill Lynch Global Research estimates, every 10 percent drop in oil prices leads to a 0.3 percent uptick in Philippine GDP, a -0.45 percent decline in inflation, and 0.2 percent increase in the country’s current account balance.