The economic managers of the Marcos administration have maintained the inflation target band of 2.0% to 4.0% for the next two years and set the same ceiling for another two years thereafter.
The Cabinet-level economic cluster Development Budget Coordination Committee , during its meeting on December 5, decided to retain the current inflation target for 2023 to 2024 and set the same goal for 2025 to 2026, the Bangko Sentral ng Pilipinas said in a statement on Friday.
“The inflation target range of 3.0% ± 1.0 percentage point continues to be an appropriate quantitative representation of the medium-term goal of price stability that is optimal for the Philippines given the current structure of the economy and outlook for macroeconomic conditions over the next few years,” the BSP said.
Thus, the central bank said that “domestic demand is seen to remain firm amid the monetary policy tightening implemented by the BSP to safeguard price stability.” Higher borrowing costs could make consumers and businesses spend less, therefore reducing economic activity or lowering demand and eventually lowering prices.
However, it said that domestic agricultural production continues to face challenges, particularly from weather disturbances, animal diseases, and global supply constraints.
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