In a report released on Wednesday,
"The typhoon season can be a determining [factor] for inflation," he said, but qualified that by adding that the Bangko Sentral ng Pilipinas (BSP) has a good record of explaining that supply shocks to the food component do not represent the kind of inflation pressure that needs to be countered with monetary tightening.
However, Condon noted that this year, the central bank's rhetoric has swung from hawkish to dovish and back again as it has tightened money supply by raising the reserve requirement ratio of banks (RRR) and the special deposit account (SDA) rate.
The central bank's policymaking Monetary Board over the last three consecutive monetary policy meetings has made adjustments to two of its policy levers to curb growth in money supply as a means to tame inflation and maintain stability in the financial system.
The policy making body decided at its
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