There is optimism in the government that consumer prices should prove manageable during the year and that the rate of change in prices will likely fall within the target range this year no matter the more recent variables as the approved transport-fare hike for jeepneys, for instance, the central bank said.
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said the current baseline inflation projections already incorporate the adjustments in jeepney fares, as well as the possible adjustments in the Metro Rail Transit (MRT) and Light Rail Transit (LRT) tickets.
“The projections continue to show within target inflation within the policy horizon,” Tetangco said in a response to reporters. He also said the current projections will be reviewed in the next policy meeting of the Monetary Board on June 19.
Earlier this year, the Land Transportation Franchising and Regulatory Board approved the public-utility jeepney fare hike by 50 centavos in the National Capital Region, as well as in Regions 3 and 4—effective on June 14.
At its last monetary policy meeting on May 8 this year, the central bank revised its inflation forecast higher to 4.3 percent, indicating greater price pressures going forward.
Tetancgo said the scaled-up inflation number is subject for review at the next rate-setting meeting in June 19 this year.
The government anticipates for inflation to fall within the 3 percent to 5 percent target range this year. Latest inflation print showed a 4.5-percent growth in May, the highest in 30 months.
The latest inflation print also brought the five-month inflation average to 4.1 percent—slightly above the midpoint of the target range.
Other upside risks to the country’s inflation include higher food prices due to the projected El Niño phenomenon, as well as the petition for higher power rates, as cited by BSP Deputy Governor for the Monetary Stability Sector Diwa Guinigundo at the policy meeting. For next year, the government projects inflation ranging from 2 percent to 4 percent. –Bianca Cuaresma, Businessmirror
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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