The Philippines continues to recover from the impact of the global pandemic, but preparation is needed to meet other possible challenges ahead, Bangko Sentral ng Pilipinas Governor Felipe Medalla said Tuesday.
Medalla issued the statement during the release of the 2022 Financial Stability Report by the Financial Stability Coordination Council. The report underscored the importance of building the system’s resilience, amid fast-changing market conditions in a volatile, uncertain, complex and ambiguous environment.
Medalla noted the country’s continuing recovery from the disruptions caused by the pandemic. He highlighted a strong growth and the improving employment figures. He also underscored the need to be prepared for the challenges ahead.
“The supply and distribution of key commodities such as oil and food are still not where they were pre-pandemic. These bottlenecks would keep consumer prices high. The policy response, though, of raising interest rates will eventually affect the demand side of economic activity. How these changing demand and supply patterns manifest in 2023 at the global stage remains to be seen,” Medalla said. Julito G. Rada