BSP to scale back policy support as economy recovers, Diokno says - BusinessWorld Online

“The Bangko Sentral ng Pilipinas is mindful that as the economy recovers and gradually returns to normal, the extraordinary measures will need to be scaled back,” BSP Governor Benjamin E. Diokno said in a speech at the virtual Philippine Singapore Business Investment Summit on Wednesday.

Mr. Diokno on Monday told Bloomberg the central bank may consider increasing policy interest rates at its June 23 meeting as the economy likely expanded by around 6-7% in theBSP officials previously said they will assess the need for a rate hike in the second half of 2022.ation forecast for 2022 to a beyond-target at 4.3% as oil and commodity prices surged.

If Philippine gross domestic product expands in the first quarter, this will mark the fourth successive quarter of economic growth following the pandemic-induced recession.dence in the country’s ability to sustain recovery in the near term,” Mr. Diokno said. Mr. Diokno acknowledged uncertainties caused by the Russia-Ukraine war on the outlook for trade, investments, and remittances, but emphasized the limited economic linkages to the countries involved.“The country’s robust external accounts and structural foreign exchange inflows are expected to mitigate potential negative impacts from advanced economies’ monetary tightening, as well as headwinds from the Ukraine-Russia conGross international reserves worth $108.

Source: Financial Digest (financialdigest.net)

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