MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said there are already signs of economic recovery, indicating that demand for Philippine exports would soon pick up.
BSP Governor Amando M. Tetangco Jr. said that as the economy recovers, the BSP would continue to assess the global environment to ensure that its monetary settings will continue to support growth.
“We need to continue to monitor deve-lopments. Things change and there’s always an evolution of developments. We have to take these into account on a regular basis. At this point, the settings are appropriate,” Tetangco told reporters yesterday.
Last Aug. 20, the central bank decided to keep policy rates steady after cutting rates by as much as 200 basis points since December 2008. The overnight borrowing rate is currently at four percent while the overnight lending rate is at six percent.
“At the last meeting, the Monetary Board decided to hold. The assessment then was, given the forecast for inflation as well as signs for improving economic performance, the stance of monetary is appropriately accommodative,” Tetangco said.
The BSP chief added that with signs of economic recovery on the horizon, monetary authorities would make sure that the central bank’s inflation forecast remains on track with respect to inflation target.
The central bank has a target range of 2.5 percent to 4.5 percent for the year. In August, inflation hit a fresh 22-year low of 0.1 percent on the back of slower increases in the prices of fuel, light and water.
At the same time, Tetangco said the BSP would make sure that there is enough liquidity in the financial system so that there would be adequate financing for productive purposes.
“It is also important that the different sectors continue to take advantage of opportunities, like the business process outsourcing (BPO) sector. Remittances are also still growing despite the crisis. These types of activity would help generate consumer demand which can help push the economy,” Tetangco said. –Iris C. Gonzales (The Philippine Star)
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
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Accept the National Unity Government (NUG)
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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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