In 2015, the country’s economic growth slowed to 5.8% from a growth rate of 6.1% in 2014 in the face of weak external demand and lower government spending. However, the Philippines’ economic growth in the final quarter of last year accelerated to 6.3% from a revised growth rate of 6.1% in the previous quarter. In line with stronger growth in the September- December period, the country’s inflation declined to a 20 year low of 1.4% in 2015 from 4.1% in 2014 on the back of stable food prices and cheaper utility rates.