Deputy Governor Francisco Dakila, Jr. of the Bangko Sentral ng Pilipinas (BSP) recently underscored the central bank’s commitment to managing inflation and helping maintain the strength of the economy amid global headwinds.
Speaking during the Philippine Economic Briefing (PEB) at The Fullerton Hotel in Singapore last June 15, Dakila said that the BSP remains focused on its core mandates of price and financial stability and a safe and efficient payments and settlements system.
“Price pressures that have persisted since the second half of 2022 have finally shown signs of easing,” he shared while offering, as evidence, the further decline in the country’s headline inflation from 6.6 percent in April 2023 to 6.1 percent in May this year.
Photo shows BSP Deputy Governor Francisco Dakila, Jr. (third from left) together with the Philippine economic team and participants at the Philippine Economic Briefing held at The Fullerton Hotel in Singapore. With him are (from left) BSP Managing Director Antonio Lambino II, The Stratbase Group Founder and Managing Director Victor Andres Manhit, Monetary Board Member Eli Remolona, Senator Mark Villar, DBM Secretary Amenah Pangandaman, DBS Group CEO Piyush Gupta, DOF Secretary Benjamin Diokno, NEDA Secretary Arsenio Balisacan, National Treasurer of the Philippines Rosalia De Leon, DBM Undersecretary Margaux Marie Salcedo, and Investment and Capital Corporation of the Philippines Group Chairman Guillermo Luchangco.
Dakila also cited the national government’s non-monetary measures in addressing persistent inflation pressures, including the recent creation of the Interagency Committee on Inflation and Market Outlook (IAC-IMO), a collegial body that serves as an advisory board to the president and his cabinet on how to mitigate inflation and support economic welfare.
Joining Dakila on the panel were Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan, and Finance Secretary Benjamin Diokno.
Meanwhile, Stratbase Group Managing Director Victor Andres Manhit provided a private sector perspective, highlighting the Marcos Jr. administration’s hefty political capital, competent economic team, and the prevailing positive sentiment among the local and foreign business communities.
The event was also graced by Eli Remolona, Monetary Board Member, and Senator Mark Villar, Chairman of the Senate Committee on Banks, Financial Institutions, and Currencies.
The economic team engaged over 100 participants from the Singaporean business community, financial institutions, and international media.
In his welcome remarks, Singapore-based DBS bank CEO Piyush Gupta said that the Philippines recently “ranked among the top 10 nations of interest for Singapore and Singaporeans… this speaks to a growing interest between both countries to scale up and diversify businesses.”
Secretary Diokno, for his part, said that the country’s fiscal performance is robust, citing the growth of the 2022 total revenue collection which reached Php 3.6 trillion or 18 percent higher than in 2021: “This performance is driven by higher economic activity, the impact of our tax reforms in recent years, and overall better tax administration mainly through digitalization.”
Meanwhile, Philippine Ambassador to Singapore Medardo Antonio Macaraig highlighted the country’s remarkable resilience and adaptability amid global challenges.
He noted that the Philippines “is a vibrant and dynamic economy that offers abundant opportunities for local and international investors,” with its strong macroeconomic fundamentals and a stable fiscal environment that create a conducive climate for businesses.
In his closing remarks, Investment and Capital Corporation of the Philippines Group Chairman Guillermo Luchangco encouraged Singaporean investors to take another look at the Philippines. He emphasized that the “complementarity between the Philippines and Singapore is exceptional” because the strength of Singapore is what the Philippines needs, and what the latter has should be of interest to the former.