The ASEAN+3 Macroeconomic Research Office (AMRO) advised the Bangko Sentral ng Pilipinas (BSP) and the central banks of Korea and Singapore to maintain their tight monetary stance until inflation cools.
THE ASEAN+3 Macroeconomic Research Office advised the Bangko Sentral ng Pilipinas and the central banks of Korea and Singapore to maintain their tight monetary stance until inflation cools.
“In the Philippines, the central bank raised its policy rate to curb rising inflation and the emergence of second-round effects. Given these three economies’ mid- and late-cycle positions, AMRO staff recommends that their central banks maintain a tight monetary policy stance until inflation pressures subside,” AMRO said in its report.
The report stated “Medalla, in a mobile-phone message late Saturday, said [the BSP] could pause on rate hikes if April’s month-on-month inflation ‘is low, like February and March’.” “High inflation and global economic slowdown weigh on growth prospects. High inflation caused by the Ukraine crisis and the influence of other supply factors could dampen domestic consumption. High food and oil prices in particular have impacted households’ ability to afford other discretionary items,” AMRO said.
The report added that the country faces social and economic costs of natural disasters that are increasing due to global climate change. This is crucial since the Philippines is among the most susceptible to natural disasters. However, the country’s inflation rate this year is expected to outpace GDP growth. Inflation is forecast to average 6.2 percent in 2023 before slowing to 4 percent in 2024.
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