The Bangko Sentral ng Pilipinas (BSP) is ready to take action to contain prices at its upcoming meeting on March 23.
Speaking at the American Chamber of Commerce of the Philippines, Diokno emphasized that the BSP is willing to adjust its monetary policy settings as necessary to ensure price stability over the medium term.
As a member of the BSP’s policy-making body, the Monetary Board, Diokno stressed the importance of addressing the issue of inflation, which currently stands at 8.6 percent as of February.
While core inflation rose to 7.8 percent in February due to expenditure items other than food and fuel or electricity continuing to increase, Diokno assured that efforts are underway to reduce restrictions on food imports and to import goods with a supply deficit in a timely manner.
The Marcos administration has maintained the lower tariff on pork introduced by the Duterte administration, as well as lower tariffs on rice outside of the ASEAN, despite opposition from farmers who claim there is a sugar shortage in the Philippines.