Inflation is one of the primary challenges faced by the Philippines, and the International Monetary Fund thinks the Bangko Sentral ng Pilipinas (BSP) must be more aggressive in raising interest rates in the event that the situation worsens. Know more:
INFLATION is one of the primary challenges faced by the Philippines, and the International Monetary Fund thinks the Bangko Sentral ng Pilipinas must be more aggressive in raising interest rates in the event that the situation worsens.
“The BSP’s prompt action to fight inflation is welcome, but further monetary tightening may be needed to keep inflation expectations well anchored,” IMF said. “Monetary policy should be the first line of defense against persistent inflationary pressures,” IMF said. “The use of FXI [foreign exchange intervention] can mitigate a sharp and disorderly exchange rate depreciation, alleviate inflation, and reduce some of the pressure on monetary policy.”
Estimates for growth also showed that real GDP is expected to slow to 5 percent in 2023 from 6.5 percent in 2022. Medium-term economic growth is forecast at about 6.3 percent. This, IMF said, would enhance food security and strengthen agricultural performance should focus on raising productivity and promoting new investments in the sector.Further, the IMF also recommended that the government enhance its Anti-Money Laundering/Combating the Financing of Terrorism efforts.
In a Senate Finance Committee Hearing on Monday, AMLC Executive Director Matthew M. David said the amount includes some P3 billion worth of forfeited accounts and properties while the remaining P5 billion are still pending litigation.
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