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Q1 economic growth boosted by whole-of-government approach: Diokno

MANILA – Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) claimed that bold and decisive fiscal and monetary moves helped boost the Philippine economy’s growth to 8.3 percent in the first quarter of 2022.

“The Philippine economy’s resiliency is further demonstrated by the 8.3% GDP (gross domestic product) growth in the first quarter of 2022. This was accomplished through a whole-of-government approach that requires “strong and decisive fiscal and monetary policies to stay in sync,” according to Diokno in a Viber message to the media.

He cited the central bank’s record-low key rates, which were reduced by 200 basis points in 2020, as well as time-bound regulatory and operational relief measures that “enabled banks to continue fulfilling the vital job of financial intermediation throughout the epidemic.”

The performance of the domestic economy from January to March of this year, which

According to Diokno, the domestic economy outperformed market expectations in the first quarter, and “other favorable macroeconomic indicators help fulfill the BSP’s vision of a post-Covid Philippine economy that is stronger, more technologically advanced, more inclusive, and more sustainable,” as well as “other favorable macroeconomic indicators.”

“Going forward, the BSP will cooperate with the national government to keep the economy on a strong growth path and handle obstacles like price pressures,” he said.

The central bank, according to Diokno, “supports the government’s execution of non-monetary measures to manage supply-side pressures, such as increased imports of specific food commodities experiencing price spikes and providing direct subsidies to disadvantaged sectors.”

“The BSP, for its part, remains ready to change its monetary policy settings if we see a material risk of these supply-side pressures spilling over to the demand side,” he added.

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