Following a minor uptick in the inflation forecast for 2024 to 4.0 percent from a previous estimate of 3.9 percent, the BSP opted to keep its monetary policy settings unchanged, saying the current measures are effective in keeping inflation expectations stable.
The decision comes amid concerns over potential price hikes in transport, food, and energy sectors, which pose significant upside risks to inflation.
The central bank said that the Monetary Board's commitment to price stability underscores its readiness to adjust policy settings if necessary, ensuring the continued alignment of inflation with target levels while supporting domestic growth prospects.
