Philippine post C-19 economic recovery underway – PSP Governor

Central Bank Governor Describes Recovery Progress, Road Ahead Amid New Challenges

Tokyo, Japan – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the Philippines’ post-COVID-19 economic recovery is well underway and described the central bank’s next steps to sustain the economy’s momentum in the face of new challenges during an ADBI Featured Speaker Webinar.

Governor Diokno detailed BSP’s pandemic responses that have helped revive broad-based growth sooner than it expected and ensure people’s livelihoods in a presentation and subsequent discussion with ADBI Dean Tetsushi Sonobe and experts. Governor Diokno explained that BSP is now pursuing an exit strategy which aims to harness bright spots in the Philippine’s macroeconomic conditions.

He noted that the central bank will coordinate with the Philippines’ new presidential administration to bolster financial stability as well as promote longer-term development goals. This includes continued efforts to manage the impacts of the COVID-19 crisis and the Russian invasion of Ukraine while working to boost climate-friendly growth and financial inclusion.

Governor Diokno said that BSP is prioritizing worker upskilling to adapt to changing labor market demand, greater digitalization and consumer protection in the banking and broader financial sectors, and infrastructure development that supports more sustainable and equitable growth.

He stressed that BSP is prepared to respond to inflationary risks stemming from geopolitical tensions and the United States’ monetary normalization. He also called for increased international cooperation to realize BSP’s vision for a greener, resilient, and inclusive global economy. (ADBI NEWS)