BSP Governor Diokno Presents Positive Outlook for 2020

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin “Ben” Diokno emphatically pronounced that the Philippines remains in a position of strength. He added that despite budgetary delays, the Philippines sustains strong growth as unemployment and underemployment are at a historic low.

He said that based on grown projections in the ASEAN region and the Goldman Sachs Real Gross Domestic Product Growth, overall prospects for the Philippine economy remain favorable. Likewise, for him, benign inflation environment is expected to further support economic activity. Inflation outlook points to within target inflation environment from 2019-2021. Future BSP policy actions will continue to be data-dependent.

Manageable external payments position provides buffer to external headwinds. Current accounts reflect accelerating investments and economic growth. There are also adequate buffers against global headwinds. Favorable external debt profile cushions against external shocks. In addition, the BSP is committed to effectively discharge its mandates. Further, its legislative agenda is to further promote access to quality financial products and to espouse the interests of the general public. Its continuing reform agenda fosters an enabling macroenvironment. The policy thrusts are moving forward, bringing BSP closer to the people. The key take away is that the Philippines stands in a position of strength and resiliency.