BSP SUPPORTS GOVERNMENT INITIATIVES TO BOOST SUPPLY AND MODERATE PRICES OF FOOD

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The Bangko Sentral ng Pilipinas (BSP) supports the initiatives of the National Government (NG) to boost the supply of key food commodities and address supply-side pressures exacerbating inflation.

The overall supply of agricultural commodities continues to be restricted by low farm productivity and high production costs, worsened by global supply disruptions, persistent animal diseases, uncertainties due to the Ukraine-Russia conflict, and tariff and non-tariff restrictions on agricultural trade.

Addressing high inflation requires a whole-of-government approach to protect vulnerable sectors of the economy from the impact of high prices. Targeted measures by the NG to improve farm productivity and address bottlenecks for key food items are crucial in mitigating supply-side pressures on inflation. The central bank’s monetary policy actions are also working in tandem with fiscal policy and programs to prevent inflation expectations from becoming more entrenched. 

The BSP remains vigilant in monitoring all risks to the inflation outlook and is prepared to take all necessary monetary policy action to bring inflation toward a target-consistent path over the medium term, and in turn, steer the economy toward a sustainable growth path. ###

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Diyaryo Milenyo

DIYARYO MILENYO is a free and independent online media outfit that publishes events happening in the local communities and current issues that matter to the public with local, national and global implications. DIYARYO MILENYO is composed of volunteer journalists and community writers scattered in various parts of the Philippines. They report the news right and where it happens. It adheres to the standards and ethics of journalism. It imposes strict rules against attacking someone. Strictly adhering to publish good news only.
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