‘Whole-of-gov’t approach boosts Q1 economic growth’
MANILA – Bold and decisive f i scal and monetary actions helped lift further the Philippine economy’s growth i n the first quarter of 2022 to 8.3 percent, Bangko Sentral ng Pilipinas ( BSP) Governor Benjamin Diokno said.
“The 8.3- percent GDP ( gross domestic product) growth in the first quarter of 2022 is further confirmation of the Philippine e c onomy’ s r e s i l i e nce. Thi s was achieved by a whole- ofgovernment approach, which required bold and decisive fiscal and monetary actions to remain in sync,” Diokno said in a Viber message to journalists.
He said other contributors to the domestic economy’s growth include the central bank’s recordlow key rates, which were slashed off a total of 200 basis points i n 2020, and the time- bound regulatory and operational relief measures that “allowed banks to continue performing the important role of financial intermediation throughout the pandemic”.
The domes t i c economy’ s performance f rom J anuary to March this year, which
Diokno said t he domestic economy’s performance in the first quarter surpassed markets’ projections, along with “other f a v o r a b l e m a c r o e c o n o m i c indicators, helps fulfill the BSP’s vision of a post- Covid Philippine economy that is stronger, more technologically advanced, more inclusive, and more sustainable.”
“Moving forward, the BSP will continue to work with the national government to keep the economy on a robust growth trajectory and to address headwinds such as price pressures,” he added.
Diokno said the central bank “supports the implementation of non- monetary measures by the government to address supplyside pressures, such as boosting importation of specific food items experiencing price spikes and direct subsidies to vulnerable sectors.”
“For our part, the BSP stands ready to adjust our monetary policy settings, should we see material risk of these supply- side pressures spilling over to the demand side,” he added.