126 0 0 4 min to read

The BSP is keeping a careful eye on the impact of global events on inflation.

MANILA, Philippines β€” Monetary authorities are keeping a close eye on developments in other countries, such as increases in oil prices, their impact on domestic inflation, and any repercussions.

Oil prices have recently risen on the international market, with Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno tracing this to the ongoing conflict between Ukraine and Russia, which “has raised global and domestic macroeconomic uncertainty over the near term,” according to a Viber message sent to journalists on Friday.

“In these circumstances, the BSP will continue to closely watch emerging threats to the inflation forecast and be cautious against possible second-round impacts from supply-side pressures or changes in the public’s inflation expectations,” he added.

The government has set aside money to help sectors affected by rising oil prices, such as public utility vehicle (PUV) drivers and operators, as well as farmers.

According to Diokno, the central bank supports the national government’s non-monetary actions to help soften the impact of increasing oil prices and avoid a broadening of pricing pressures.

“The BSP continues to have a large arsenal of policy instruments to respond to the potential negative effects of this external shock,” he said.

The Philippine Statistics Authority (PSA) stated on Friday that inflation in February was flat at 3%, which is within the central bank’s expected range of 2.8-3.6 percent for the month.

“Higher oil prices, as well as the impact of positive base effects, are expected to accelerate inflation in the near term,” Diokno said.

“However, if government direct measures help alleviate supply bottlenecks, the BSP’s full-year inflation predictions continue to show that inflation will average within the 2-4 percent target range for 2022-2023,” he said.

In its monetary policy meeting on March 24, the central bank’s policy-making Monetary Board will reassess its assessment of the inflation outlook as well as the current global and domestic developments, he noted.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x