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BSP Governor Benjamin Diokno
MANILA – Philippine monetary officials continue to ensure their readiness to help boost domestic growth as economic activities remain weak and inflation subdued.
This after the rate of price increases slowed further to 2.3 percent last September from 2.4 percent the previous month, bringing the nine-month average to 2.5 percent, within the government’s target of 2-4. percent until 2022.
In a press release on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the balance of inflation risks remains to the downside “largely due to the impact on national and global economic activity. possible deeper economic disruptions caused by the pandemic. “
Diokno said that with the help of the central bank’s policy measures since the beginning of the year, as well as the fiscal measures introduced through the Bayanihan Law 2, the national economy has sufficient support to recover from the pandemic.
“Signs 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 that the monetary authorities “will continue to assess the transmission of the 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 is ready to implement all available measures in its toolkit in compliance with its policy mandate while continuing to assess the impact of the global health crisis on the national economy,” he added. (PNA)
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