NextGen Day

Given the inherent trends in local inflation, the Bangko Sentral ng Pilipinas (BSP) does not need to follow the Federal Reserve’s activities.

On Thursday, BSP Deputy Governor Francisco Dakila Jr. remarked during the Philippine economic briefing in Singapore that “policy actions (of the Fed) will, of course, remain relevant.”

The Federal Reserve’s current policy decisions, according to Dakila, are being seen as “less of a factor in (the BSP’s decision-making.”

This is because “domestic considerations currently carry more weight,” he claimed.

And even if the Fed chooses to pause with its policy tightening, as it did this morning, we might not act in unison if the domestic inflation picture calls for a different response, he continued.

With the May 2023 figure down to 6.1 percent from 6.6 percent the year before, the inflation rate is still slowing down.

The Monetary Board (MB), which sets policy for the BSP, decided to hold the key interest rates at its rate-setting meeting last month—the first following the string of rate hikes that began in May 2022—for the principal reason that inflation is still slowing down.

According to Dakila, the rate of price increases would continue to drop in the upcoming months, reverting to the government’s planned range of 2 to 4 percent in the fourth quarter of this year.

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