NextGen Day

The key to resisting Typhoon Odette’s effect on domestic pricing, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, is the successful deployment of non-monetary measures to manage the storm’s impact on the supply of needs.

“As with prior natural catastrophes, the successful implementation of non-monetary government intervention measures to ensure enough domestic food supply must be continued in order to moderate potential supply-side inflationary pressures,” he told journalists through Viber.

Aside from food, the government provided cash aid to families in “Odette”-affected areas.

Diokno predicted that the typhoon’s aftermath, which wreaked havoc on Mimaropa, Western Visayas, Central Visayas, Eastern Visayas, Northern Mindanao, and Caraga in late last year, “would certainly result in a temporary increase in the prices of food products and other essentials in the near future.”

As a result, he expects inflation to remain close to the government’s 2-4 percent goal band this year and next.

The Philippine Statistics Authority (PSA) said on Wednesday that domestic inflation fell to 3.5 percent in the final month of 2021, down from 4.2 percent the month before, bringing the 12-month average to 4.5 percent.

Inflation is expected to range from 3.5 to 4.3 percent in December 2021, according to the BSP.

“Once concrete numbers become available,” Diokno said, monetary authorities “will have to reflect the typhoon’s impact in their estimations.”

“At the same time, implementing restoration operations and rehabilitation programs in storm-affected areas will be critical to supporting economic recovery and avoiding employment losses,” he said.

The bank “stands ready to maintain its accommodating monetary policy stance to promote the economy’s recovery while guarding against any developing risks to its price and financial stability objectives,” he added.

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