BSP guv cites green shoots of recovery during PDS awards

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the Philippine economy has essential elements to post a strong recovery this year during his speech at the recent Philippine Dealing System awarding rites.

According to the Governor, “Our eyes are focused on green shoots in front of us as we remain ever vigilant and committed to pursue our growth path despite current obstacles.”

He explained that this optimism is based on the Philippines’ macroeconomic fundamentals, which have remained broadly intact, even at the pandemic’s peak.

These indicators include improving quarterly gross domestic product outturn, better business and consumer outlook, ample liquidity in the system, a sound and stable banking system, robust external payments position, and a manageable fiscal deficit.

Governor Diokno also pointed out that the BSP will remain vigilant to ensure that its monetary policy stance supports economic recovery and addresses risks to its price stability mandate.

Furthermore, BSP will intensify its monitoring and surveillance over its supervised institutions to ensure that they remain responsive to emerging risks and to promote the continued soundness, stability, resilience, and inclusivity of the banking system, mainly through the pursuit of enhanced digitalization.