In Pulse Asia’s latest survey covering quarterly rating from September 2020 to September 2021, the Duterte administration scored the lowest approval in controlling inflation. From September 2020’s rating of 63 percent, controlling inflation slumped to only 37 percent in September 2021, or a 26-percentage- point drop, the biggest among the 14 key national issues.
This does not always happen when times are extraordinarily scary. Today’s pandemic, for instance, locks down mobility and business, causing joblessness and hunger. There is no sense doing business and borrowing from the banks. We have no basis for comparing the 2.0 percent policy rate with what the Tailor rule, the traditional measure of appropriateness of monetary policy, would say even on broadly indicative terms, both present and future. But one can safely bet it qualifies as generally loose. Our policy rate today is negative in real terms.
Based on relevant data sets, and any sort of soundbites from the BSP itself, market analysts do and release their forecasts accordingly. Therefore, these influencers drive overall market expectations. Ironically, the BSP would also consult what they are saying as part of the data sets that guide its future moves.BSP counts itself as part of the “transitory team” because those pressures are deemed short-lived and inflation will return to target as early as next year and 2023.
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