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
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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