The Bangko Sentral ng Pilipinas (BSP) remains focused on combating inflation, this was the message of Monetary Board Member (MBM) V. Bruce J. Tolentino and Deputy Governor (DG) Francis G. Dakila, Jr. in meetings before 30 investment funds in Marrakech, Morocco during separate meetings arranged by Bank of America Securities, Barclays, and Standard Chartered Bank on the sidelines of the International Monetary Fund and World Bank Group Annual Meetings.

BSP DG Dakila said during meetings with investors in Morocco on October 12, 2023 that the central bank sees average inflation settling at 5.8 percent in 2023, and further moderating to 3.5 percent in 2024 and 3.4 percent in 2025. These expectations are also shared by professional forecasters who see inflation reaching 5.9 percent in 2023, 3.7 percent in 2024, and 3.5 percent in 2025.

MBM Tolentino underscored that addressing inflation involves interventions from both the BSP on the demand side and the National Government on the supply side.

DG Dakila also said that the Philippines’ robust external position continues to cushion the country against global spillovers. He noted that the country

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