BSP Governor Benjamin Diokno
MANILA – Philippine monetary officials continue to assure their readiness to help bolster domestic growth as economic activities remain weak and inflation subdued.
This after the rate of price increases further slowed to 2.3 percent last September from month-ago’s 2.4 percent, bringing the nine-month average to 2.5 percent, within the government’s 2-4 percent target until 2022.
In a media statement on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said balance of risks to inflation continues to be on the downside “due largely to the impact on domestic and global economic activity of possible deeper economic disruptions caused by the pandemic.”
Diokno said with the help of the policy measures of the central bank since the start of the year as well as the fiscal measures introduced through the Bayanihan 2 Act, the domestic economy has enough support to recover from the pandemic.
“Indications of gradual improvements in manufacturing and external demand as quarantine protocols are further relaxed here and abroad could also bolster sentiments going forward,” he said.
Diokno said monetary authorities “will continue to evaluate the transmission of BSP’s policy actions to the economy along with the recently approved fiscal measures to address the economic costs of the public health crisis.”
“The BSP stands ready to deploy all available measures in its toolkit in fulfillment of its policy mandate as it continues to assess the impact of the global health crisis on the domestic economy,” he added. (PNA)
