{"id":276139,"date":"2020-11-21T00:24:10","date_gmt":"2020-11-21T05:24:10","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=276139"},"modified":"2020-11-21T00:24:10","modified_gmt":"2020-11-21T05:24:10","slug":"diokno-cites-importance-of-inflation-targeting-amid-pandemic","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/11\/21\/diokno-cites-importance-of-inflation-targeting-amid-pandemic\/","title":{"rendered":"Diokno cites importance of inflation-targeting amid pandemic"},"content":{"rendered":"
\"\"<\/a>
FILE: Governor Benjamin E. Diokno represented the Bangko Sentral ng Pilipinas (BSP) at the 6th ASEAN Finance Ministers\u2019 and Central Bank Governors\u2019 Meeting and Related Meetings, including the ASEAN Central Bank Governors\u2019 Meeting and the Dialogue with Business Councils (i.e., ASEAN Business Advisory Council, EU-ASEAN Business Council, and US-ASEAN Business Council), held via videoconference on 2 October 2020. (Photo<\/a>: Bangko Sentral ng Pilipinas\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA \u2013 Bangko Sentral ng Pilipinas\u2019 (BSP) inflation targeting framework provides monetary authorities the flexibility on its policy stance, which is aimed to ensure price stability that is beneficial to sustainable growth and employment.<\/p>\n

\u201cThis is critical during this pandemic, when changes in economic conditions tend to be abrupt and unpredictable, and tend to have lingering effects,\u201d BSP Governor Benjamin Diokno said in a virtual press briefing Friday.<\/p>\n

He said that while the BSP has the scope to pursue sustainable growth and employment, managing the rate of price increases continues to be the central bank\u2019s primary objective.<\/p>\n

\u201cWe believe that ensuring low and stable prices will help facilitate economic recovery, and in the process, bring about sustainable growth. In turn, sustainable growth helps in the creation of employment opportunities over the medium term,\u201d he said.<\/p>\n

Diokno said the current crisis limited what monetary policy and unconventional central bank measures can do since for one, private spending is limited by, among others, the low interest rate and weak demand.<\/p>\n

\u201cHowever, fiscal policy plays a critical role during the pandemic as it can respond in a more targeted way to the most affected sectors of the economy. Overall, the Covid-19 health crisis underscores the need for a whole-of-government approach to combatting the pandemic,\u201d he said.<\/p>\n

With inflation expected to remain benign over the policy horizon, Diokno said BSP\u2019s monetary policy will continue to provide policy support to the domestic economy \u201cuntil a firm recovery gets underway.\u201d<\/p>\n

\u201cOur inflation targeting framework continues to ensure that the inflation target over the policy horizon remains consistent with the country\u2019s economic circumstances,\u201d he said.<\/p>\n

Diokno added that \u201cenhanced transparency and accountability associated with the inflation-targeting approach has contributed to anchoring of market inflation expectations to monetary policy decisions even amid this period of elevated uncertainty.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2013 Bangko Sentral ng Pilipinas\u2019 (BSP) inflation targeting framework provides monetary authorities the flexibility on its policy stance, which …<\/p>\n","protected":false},"author":44,"featured_media":276140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-276139","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/276139","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=276139"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/276139\/revisions"}],"predecessor-version":[{"id":276141,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/276139\/revisions\/276141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/276140"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=276139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=276139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=276139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}