{"id":150724,"date":"2018-02-02T01:29:00","date_gmt":"2018-02-02T06:29:00","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=150724"},"modified":"2025-01-09T04:05:15","modified_gmt":"2025-01-09T09:05:15","slug":"train-impact-on-inflation-more-or-less-as-expected-bsp-chief","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/02\/02\/train-impact-on-inflation-more-or-less-as-expected-bsp-chief\/","title":{"rendered":"TRAIN impact on inflation \u2018more or less as expected\u2019 — BSP chief"},"content":{"rendered":"
\"Espenilla<\/a>
Espenilla said \u201cthe first round price effects of TRAIN and other factors such as oil prices are evolving more or less as expected.\u201d (Photo By Bangko Sentral ng Pilipinas, CC BY-SA 4.0)<\/a><\/figcaption><\/figure>\n

MANILA — Impact of the first tax reform package on inflation is \u201cmore or less as expected\u201d but Bangko Sentral ng Pilipinas (BSP) officials continue to monitor developments to be able to make the necessary adjustments if needed.<\/p>\n

The central bank\u2019s policy-making Monetary Board (MB) will have its first rate setting meet on Feb. 8.<\/p>\n

BSP Governor Nestor A. Espenilla Jr. said they continued to gather information to update themselves after their meeting last December.<\/p>\n

\u201cWe have been updating the data and evaluating various price surveys to gain insight on the overall impact on the inflation outlook.\u00a0 This is an intensely data-driven exercise,\u201d he told reporters Thursday.<\/p>\n

The first package of the Tax Reform for Acceleration and Inclusion (TRAIN) law, which cuts workers\u2019 taxes and gives their first PHP250,000 annual income tax free rate, took effect on Jan. 1.<\/p>\n

Its impact on revenues was, in turn, countered by the hike in excise taxes on oil products and sugar-sweetened beverages.<\/p>\n

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<\/p>\n

Espenilla said \u201cthe first round price effects of TRAIN and other factors such as oil prices are evolving more or less as expected.\u201d<\/p>\n

\u201cWe continue to see the upward inflationary effects as transitory,\u201d he said.<\/p>\n

The central bank chief, on the other hand, said that monetary officials \u201care carefully assessing next round effects and how inflation expectations could be affected.\u201d<\/p>\n

\u201cThese considerations will be at the center of the coming policy discussions.\u00a0 The ability to meet the inflation target comfortably and mitigating the upside risks is very important to the BSP,\u201d he added.<\/p>\n

The central bank has set the inflation target for 2017-19 between a range of two and 4 percent.<\/p>\n

In 2017, inflation averaged at 3.2 percent. Monetary officials have projected a 3.<\/p>\n

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4 percent average inflation this year, higher than last year\u2019s level due to the impact of higher oil prices.<\/p>\n

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<\/p>\n

However, the 2019 average inflation projection is lower at 3.2 percent. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA — Impact of the first tax reform package on inflation is \u201cmore or less as expected\u201d but Bangko Sentral …<\/p>\n","protected":false},"author":33,"featured_media":127135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[29711,679],"class_list":["post-150724","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bsp-governor-nestor-a-espenilla-jr","tag-train","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/150724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=150724"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/150724\/revisions"}],"predecessor-version":[{"id":281473,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/150724\/revisions\/281473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/127135"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=150724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=150724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=150724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}