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The Bangko Sentral ng Pilipinas (BSP) is unlikely to implement rate cuts until inflation falls within its target, according to an article by ANC in English. The central bank has been closely monitoring inflation in the Philippines, aiming to keep it within a target range of 2% to 4%.

In recent years, the BSP has raised interest rates in response to rising inflation, reaching a peak of 4.75% in 2018. However, with inflation now falling within the target range, there is speculation about potential rate cuts to stimulate economic growth.

The article notes that while economic growth has slowed down, the BSP is waiting for further evidence of a sustained decline in inflation before considering rate cuts. This cautious approach reflects the central bank’s commitment to ensuring price stability and supporting sustainable economic growth.

BSP Governor Benjamin Diokno has emphasized the need to strike a balance between supporting economic growth and maintaining inflation at a manageable level. This is in line with the central bank’s mandate to promote price stability and secure the financial system.

The article also highlights the BSP’s proactive measures to address inflationary pressures, including the implementation of policies to manage food supply and distribution. These efforts are aimed at mitigating the impact of external factors such as oil price hikes and weather-related disruptions on domestic prices.

In addition to inflation dynamics, the article discusses the broader economic context in which the BSP is operating. It notes that the central bank is closely monitoring both domestic and international developments, such as trade tensions and global economic slowdown, which could have implications for the Philippine economy.

Overall, the article provides insights into the BSP’s cautious approach towards rate cuts, emphasizing the central bank’s commitment to maintaining price stability and supporting sustainable economic growth. As the BSP continues to closely monitor inflation and economic developments, it will be interesting to see how its monetary policy evolves in response to changing macroeconomic conditions.