The Bangko Sentral ng Pilipinas is maintaining a manageable outlook for inflation and steady monetary policy for 2022 and 2023, and will continue to rely on government non-monetary interventions particularly in ensuring pork supply to temper price pressures, according to its highest-ranking official.
As for the downside risks to inflation outlook, this remains the COVID-19 health crisis and the uncertainty of the Omicron variant that could extend lockdown measures. The letter to Duterte, who will leave Malacanang on June 30 this year, also explained the reason why inflation hit above the target at 4.5 percent in 2021 and why the BSP’s Monetary Board decided to keep the two-percent policy rate for the entire year.
“The impact of the ASF exacerbated existing regulatory, tariff, and technology constraints in the livestock and feed sector, driving meat inflation toward double-digit rates in 2021. Note that under current regulation and tariffs, Filipino consumers pay two to three times for pork and other meats compared to Thai or Vietnamese consumers,” said Diokno.
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