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BSP chief sees red-hot prices

Inflation will average 4.3 percent this year, exceeding the government’s target range of 2 percent to 4 percent, while easing to 3.6 percent next year, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.

“Inflation settled at 3.4 percent in the first quarter driven by elevated energy costs,” Diokno said during the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington, D.C.

Moreover, the governor also emphasized that the Philippine banking system remained sound and stable throughout the pandemic, with credit and capital conditions supportive of growth and well above regulatory requirements.

The country’s external position remains strong with gross international reserves of $108.5 billion as of end-March 2022.

Ample reserves

This is equivalent to 9.6 months’ worth of imports of goods and payments of services, and manageable external debt which stood at 27 percent of GDP in 2021.

“The country’s usual sources of foreign exchange also continued to rise in 2021 — overseas Filipino remittances increased by 5.1 percent; business process outsourcing receipts grew by 9.5 percent; and net foreign direct investments jumped by 54.2 percent,” Diokno added.

In support of the country’s post-pandemic recovery, the central bank has carried out a wide range of monetary and regulatory measures, which include enhancing market confidence and ensuring adequate liquidity and credit, complementing government programs through extraordinary liquidity measures and implementing regulatory and operational relief measures.

“All these have contributed to helping the economy get back on track in 2022,” the governor said.


Source: Daily Tribune

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