IN recent days, particularly since the announcement of the well-below-expectations 2.1-percent gross domestic product (GDP) growth for the Philippines in the third quarter of this year, the term “stagflation” has gotten much attention in the local media. A few credible economic experts, among them American banking giant Citi and S&P Global Ratings, have already declared the Philippines to be in a state of stagflation, or very close to it.