Bangko Sentral To Maintain Price Stability

The Bangko Sentral ng Pilipinas (BSP) has maintained its appropriate monetary policy stance to uphold price stability and ensure that inflation remains on a target-consistent path, stated BSP Deputy Governor Francisco G. Dakila Jr. during the Philippine Dialogue in Washington, D.C. last week.

The Monetary Board, the BSP’s highest policy-making body, opted to keep the policy rate at 6.5 percent to help mitigate inflation. I Photo: Patrick Roque Wikimedia Commons

He noted that inflation in March 2024 increased to 3.7 percent from 3.4 percent a month earlier, bringing the year-to-date inflation rate to 3.3 percent, which falls within the government’s target range of 2.0 to 4.0 percent.

During its meeting on April 8, 2024, the Monetary Board, the BSP’s highest policy-making body, opted to keep the policy rate at 6.5 percent to help mitigate inflation.

Deputy Governor Dakila stated, “The MB will look for a situation where inflation is comfortably on a path consistent with the target before it would [consider] an adjustment.”

He also emphasized the country’s robust external sector, supported by overseas Filipino remittances, a strong business process outsourcing sector, and ample foreign exchange reserves.